How Much Will the Proposed ERFPD Bond Issue Cost Me, Personally, as an ERFPD Taxpayer?

It is currently estimated that a residential property valued at $500,000 would pay about $3.94 per month or $47.31 annually. For a property assessed at $1,150,000, the estimated amount would be $108.81 annually or $9.07 per month. That amount may decrease as new properties come onto the tax rolls and the bond debt is spread over a greater number of property owners. The bond issue election establishes a maximum amount of debt the District may incur and the maximum interest rate it may pay; if the District reduces costs of the project or secures a lower interest rate, it will reduce the amount of debt it will incur and, therefore, it will reduce the cost to the District’s property owners.

The District is fully cognizant that this bond issue is in addition to our request in May 2012 for a mill levy increase which allowed the District to stabilize our revenue stream at the 2010 level and keep our four stations open 365 days/year. ERFPD is pleased to report that the increase approved as Ballot initiative 5A is operating as intended. In 2015, the mill levy stood at 9.32, which is the combination of the base mill of 5.55 and the supplemental mill of 3.77. With improving real estate valuations, in 2016 we estimate the additional mill will reduce from 3.77 to 2.642. Our longer range forecast is that by 2020, the 5A mill will further reduce to 1.838 mills.

The chart below provides a graphical presentation of this expected trend: