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isabelle2137
LIF Adult
Member since 12/06 1076 total posts
Name:
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Question for Wantagh tax payers
I live in the Bellmore school district. At a recent board meeting, there was a proposal put forth of a bond they would like to float. It is my understanding that the board would collectively decide each year how much they would draw from the tax payers for bond payments. I thought Wantagh did this last year? If so, was the increase associated just with the bond a lot?
TIA
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Posted 6/25/08 11:54 AM  |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Question for Wantagh tax payers
BUMP
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| Posted 6/25/08 12:32 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Question for Wantagh tax payers
You have to pay interest on the bond every year, so taxes will most likely go up every year. Most people don't realize that, I know that many Wantagh tax payers didn't.
This year Wantagh's school tax increase was almost equal to the increase last year with the bond. It was voted down, the school board refused to make any cuts to the budget in order to reduce taxes a little and it was voted down again, so now we'll have an austerity budget. From what I've heard from neighbors, they were shocked that there would be big interest payments each year on top of the initial bond.
Ours is a 20 year bond.
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| Posted 6/25/08 2:04 PM |
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isabelle2137
LIF Adult
Member since 12/06 1076 total posts
Name:
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Re: Question for Wantagh tax payers
Posted by CathyB
You have to pay interest on the bond every year, so taxes will most likely go up every year. Most people don't realize that, I know that many Wantagh tax payers didn't.
This year Wantagh's school tax increase was almost equal to the increase last year with the bond. It was voted down, the school board refused to make any cuts to the budget in order to reduce taxes a little and it was voted down again, so now we'll have an austerity budget. From what I've heard from neighbors, they were shocked that there would be big interest payments each year on top of the initial bond.
Ours is a 20 year bond.
And your board will decide how much your applicable principal and interest payment will be each year? Sorry for all the questions, but I am so irritated over this whole thing.
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| Posted 6/25/08 2:25 PM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Question for Wantagh tax payers
Posted by isabelle2137
Posted by CathyB
You have to pay interest on the bond every year, so taxes will most likely go up every year. Most people don't realize that, I know that many Wantagh tax payers didn't.
This year Wantagh's school tax increase was almost equal to the increase last year with the bond. It was voted down, the school board refused to make any cuts to the budget in order to reduce taxes a little and it was voted down again, so now we'll have an austerity budget. From what I've heard from neighbors, they were shocked that there would be big interest payments each year on top of the initial bond.
Ours is a 20 year bond.
And your board will decide how much your applicable principal and interest payment will be each year? Sorry for all the questions, but I am so irritated over this whole thing.
Yup. It seems that they just apply the same formula they use to determine what % of the total school budget your house is responsible for.
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| Posted 6/25/08 2:44 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Question for Wantagh tax payers
i don't live in Wantagh, but it is not just the taxpayers that pay it. usually there is state aid that is applied for bonds as well to help offset the cost to taxpayers.
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| Posted 6/25/08 7:14 PM |
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