BOND FINANCIAL INFORMATION
Weeping Water Public Schools
The Weeping Water Public Schools Board of Education approved a resolution calling for a patron vote on a bond issue not to exceed $5,875,000 to repair and replace the HVAC system.
FINANCIAL HISTORY
WEEPING WATER'S CURRENT LEVIES
Weeping Water's current taxable fund levies total $1.227. The state requires a limit of $1.05 on total levies, excluding bond funds, since those are voted on by district patrons.
Taxable Funds | 2024-25 Levy | |
General Fund | $1.018 | |
Building Fund | $0.018 | |
Qualified Capital Fund | $0.014 | |
Bond Fund | $0.177 | |
TOTAL | $1.227 |
SINCE 2018
In the past 7 years, the total taxable fund levies have decreased by over 10 cents or 7.31%.
FINANCIAL IMPACT
GENERAL OBLIGATION BOND
Bond Project Amount Not To Exceed
$5,875,000
Projected Interest Rate
4.00%
Bond Repayment Term
14 years
Estimated Bond Levy (Principal/Interest on CURRENT & NEW Bonds)
$0.259 per $100 of Valuation
IMPORTANT NOTES
The estimated debt service of the proposed bonds is approximately $14,952,360.
The levy or repayment term may be reduced by valuation growth in the community or bond refinancing to obtain a more favorable rate.
Due to changes in recent state law, agricultural land in NEW bond issues is valued at a lower rate than in past bonds. See below
LB 2 VALUATION
WHAT IS LB2?
The Nebraska State Legislature passed LB2 in 2021. Currently, agricultural land is assessed between 69-75% of market value for property taxation. LB2 reduces the value of agricultural land to 50% of market value for school bonding. Bonds approved after January 1, 2022, are calculated using the new LB2 Adjusted Valuation. If the bond passes, this new LB2 Adjusted Valuation will be used for the new bond.
ESTIMATED TAX IMPACT
Residential property
Assessed Value | Annual Cost | Monthly Cost |
$100,000 | $64.40 | $5.37 |
$200,000 | $128.80 | $10.73 |
$500,000 | $322.00 | $26.83 |
Agricultural land
Assessed Value | Annual Cost | Monthly Cost |
$500,000 | $161.00 | $13.41 |
$1,000,000 | $322.00 | $26.83 |
$2,000,000 | $644.00 | $53.67 |
Would you like to review your specific tax impact?
Reach out to Superintendent Reiman at 402-267-2445 to set up an appointment.