The Loveland City School District announced today taxpayers living in the district will see a future reduction of approximately $48 per $100,000 of appraised real estate value due to the retirement of district bonds. Per the County Auditor, the reduction will begin in 2016.
“This was excellent news,” said Brett Griffith, Loveland City School District Treasurer/CFO. “We were thrilled to make our Loveland School District residents aware of this reduction.”
The bonds were issued in 1999 to pay for the construction of Loveland High School and for renovations to buildings throughout the district.
This announcement will impact the cost to homeowners if the proposed 5.6 mill operating levy passes in May. The 5.6 mill levy will cost property owners $196 per $100,000 of appraised real estate value. If the levy is successful, the amount per $100,000 of appraised real estate value would be lowered to $148.00, beginning in 2016. Levy collection would begin in January 2015.
The majority of the 5.6 mill levy will be used to maintain current programs and operations. A portion of the levy will be used to strengthen, expand and improve programs, according to the district.