TAX IMPACT FOR THE PROPOSED REFERENDUM
When public school districts seek a bond, we are allowed to use a maximum time frame of 20 years for issuing a bond.  The planning used throughout this project is using the estimated $145 million amount and a 20 year bond issue time frame. 

We work with Ehlers, Inc as our financial advisor.  They use these parameters, and the current and projected bond market to help determine the total financial impact and yearly financial impact.

The following contains estimates based on a 5% average interest rate over 20 year borrowing (Ehlers, Inc.)

 

 

If you would like to calculate a better estimate for the value of your home, you can click here or on the image below to head to the Ehlers webpage, scroll down and use their tax calculator with the estimated fair market value of your home.

 

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HOW HAS THE SCHOOL DISTRICT BEEN FINANCIALLY PREPARING FOR FUTURE PLANNING?
Over the course of the last decade, the district has defeased debt multiple times.  Defeasing debt is prepaying principal, similar to prepaying a personal mortgage.  These defeasance payments (prepaying principal) has saved the district over $4 million in interest payments over the last 2 years alone.  In addition to saving interest payments, defeasing debt helps Franklin Public Schools to maintain a strong bond rating, similar to a personal credit score.  It is also important to note that any funds made available for defeasement of debt are only eligible to be used for defeasing debt.

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HOW WOULD THE PASSING OF THIS REFERENDUM AFFECT THE MILL RATE FOR FRANKLIN?
In addition, the following shows the recent historical movement of the Mill Rate and how the passing of the Nov 5, 2024 Referendum would impact the current Mill Rate.  The expected impact would be an increase of $0.82 to the Mill Rate.  

(click on image below for a larger view if needed)

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HOW WILL MY HOME REVALUTION AFFECT WHAT I PAY FOR THIS REFERENDUM?
The total amount of taxes levied by the Franklin Public Schools is determined by the district's Board of Education on an annual basis, and is completely independent of the overall assessment.  Franklin Public Schools has worked to maintain this responsible tax rate on a yearly basis.  The table above  indicates the district's recent mill rate history.

Community members are encouraged to utilize the Franklin Forward referendum tax calculator to determine their respective tax impact due to the referendum.  A link to the tax calculator can be found here.

The revaluation of personal real estate property is conducted by the City of Franklin's City Assessor's Office.  The revaluation redistributes the existing property tax burden so that all property owners pay their fair share based on the market value of their property.  As tax levies are established annually by the different taxing authorities, your specific tax impact will be determined through a combination of the City of Franklin's City Assessors' determination of value and the individual taxing authorities' mill rates.  An increase in your assessment may not result in an increase in your property taxes overall.  More information on the tax levy is available on the City of Franklin website here.

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SCHOOL FUNDING OVERVIEW
The Wisconsin School Public Relations Association (WSPRA) and Wisconsin Association of School Business Officials partnered to provide the video below that is an overview of how Wisconsin school funding works (or click here)