An election will be held in the San Mateo County Community College District (the “District”) on November 4, 2014, for the purpose of submitting to the District’s electors the question of the District issuing up to $388,000,000 in bonds. The bonds would pay for the acquisition and improvement of real property, and the furnishing and equipping of school facilities of the District, as described in the proposition. If the bonds are approved, the District expects to issue the bonds in multiple series over time. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. The following information regarding tax rates is provided in compliance with Sections 9400 through 9404 of the California Elections Code. The information is based upon the best information presently available from official sources, upon experience with the District and other demonstrable factors.
Based upon the foregoing and projections of the District’s assessed valuation, and assuming the entire debt service will be paid through property taxation:
- The best estimate of the tax that would be required to be levied to fund the bond issue during the first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is $0.00822 per $100 ($8.22 per $100,000) of assessed valuation in fiscal year 2015-16.
- The best estimate of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the sale of the last series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is $0.00822 per $ 100 ($8.22 per $100,000) of assessed valuation in fiscal year 2018-19.
- The best estimate of the highest tax rate that would be required to be levied to fund the bond issue, based on estimated assessed xvaluations available at the time of filing of this statement, is $0.00822 per $100 ($8.22 per $100,000) of assessed valuation, which is projected to be the same in every fiscal year that the bonds remain outstanding.
Voters should note that estimated tax rates are based on the ASSESSED VALUE of taxable property on the County’s official tax rolls, not on the property’s market value, which could be more or less than the assessed value. In addition, taxpayers eligible for a property tax exemption, such as the homeowner’s exemption, will be taxed at a lower effective tax rate than described above. Certain taxpayers may also be eligible to postpone payment of taxes. Property owners should consult their own property tax bills and tax advisors to determine their property’s assessed value and any applicable tax exemptions.
Attention of all voters is directed to the fact that the foregoing information is based upon the District’s projections and estimates only, which are not binding upon the District. The actual tax rates and the years in which they will apply may vary from those presently estimated, due to variations from these estimates in the timing of bond sales, the amount of bonds sold and market interest rates at the time of each sale, and actual assessed valuations over the term of repayment of the bonds. The dates of sale and the amount of bonds sold at any given time will be determined by the District based on need for project funds and other factors. The actual interest rates at which the bonds will be sold will depend on the bond market at the time of each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process.