The New Fairfield, Connecticut school superintendent is seeking $109 Million to fund repairs in three district schools: Meeting House Hill School, New Fairfield Middle School and New Fairfield High School.
It is estimated that after state contributions, the amount of money required by the town will be more than $78 Million. The superintendent plans to finance the project through bonding over the next 20 years.
This bond would then be paid over the next 20 years by the homeowners of New Fairfield. For a home with an assessed value of $300,000, this proposal would add between $900 and $1,300 per year on top of residents' current property taxes.
Based on New Fairfield's current mill (property tax) rate of 19.07, the homeowner of the above-mentioned residence assessed at $300,000 pays $5,721 in annual property taxes. Adding another $1,000 on top of that equates to a more than 17% increase in property taxes for the next 20 years.
The school district's director of buildings and grounds stated that these repairs would sustain the schools for the next twenty years, which is the same length of time as the bonding. It has not been disclosed if the plan is to then request another bond for new renovations at that time, making these additional taxes basically permanent.
A public hearing on this issue is scheduled for Tuesday, February 13, 2007, at 7:00 pm in the New Fairfield High School library. Final plans must be submitted to the state by June 30 for possible state aid.
Prudential Connecticut Realty
Connecticut Real Estate and Homes for Sale