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December 03, 2019

Comments

Barking Dog

Will senior citizen property owners be exempt from either of these taxes?

Old Guy

That's a really good question.

Bruce Dickinson

It gets tricky when you consider that real estate in good school districts is worth 40%-50% more than in bad school districts. Is it the school quality that drives up real estate value or is it the high real estate value that causes the schools to be better (because can raise parcel taxes)?

Bruce Dickinson would argue that if people can afford it (of course there should be exemptions based on income, relief for fixed income individuals), as a community, you are much better off voting for the parcel taxes and insuring that you will maximize the value of the real estate. It's a "cheap option" as it were to maintain those high values during a recession and in the event you pass, give your heirs the maximum obtainable value.

Also, most senior citizens who are long time homeowners are governed by Prop 13 capped values, so the incremental cost is tiny compared to a newer home worth $4 million dollars which faces a $40k annual property tax bill.

Bruce Dickinson is pro-school related Parcel Taxes...it's much better bang for the buck compared to that idiotic sales tax increase, which when you think about it, is a lot more regressive especially on lower income and rental population and for homeowners really offers nothing to enhance your property value.

Joe

I think you are "on the money" regarding the efficacy of local taxes and especially school taxes to help local homeowners maintain their value. I would have to note that Weiner's SB50 targets good school systems for more inflicted pain, but that is a risk I think we have to take especially since Bgame will be targeted for multiple reasons within SB50 (Chronicle noted today that our least favorite fascist is bringing it back again this year).

Having said that, I still wonder how the voters will respond to a $100 million+ price tag? And I am quite sure competing school taxes won't look good. That aspect was not in the phone survey.......

resident

$100 million. You said $100 million, right?

Cassandra

Look at the bond measures you are currently paying for now.
About $1300 to $2000 a year already!

Lorne

Just for broader context, for what it's worth, here is a 3 page excerpt from a recent Burlingame School District bond prospectus. It summarizes BSD's current debt structure and details prior voter-approved bond issues. The last page of the document also shows their current annual debt service.

https://www.scribd.com/document/438115377/Burlingame-School-District-debt-structure

Barking Dog

Yep, exactly Cassandra!!

Cassandra

Also, this tax is based on “assessed value” of a home and 50% of Burlingame residents are renters... so half the voters get to make the other half pay their school taxes.

PS- a “bond” is a tax.

billygbob

You left out the part that most (all?) of the renters will likely pay for their landlord's increased parcel tax through increased rents.

Old Guy

It appears that they are looking to almost double the debt accumulated since 1993 all at once. $136M accumulated over the years and hoping to raise $97 to $125M. What is going on?

Concerned

The new State Rent Control law specifically allows additional rent increases to cover property tax cost increases?

No, it does not.

https://www.avail.co/education/articles/new-california-rent-control-laws

Barking Dog

What formula is the SMUHSD want to use to determine there bond measure?

If SMUHSD uses the same formula as BSD is considering: 1.5M assessed @ 30/100k = approx $900 per yer.

But these guys have a 'fantastic opportunity' for the city....but want to pay ZERO taxes and the COB has NO seat(s) on the board.

https://www.smdailyjournal.com/news/local/unique-affordable-housing-deal-perplexes-burlingame/article_fef6c274-1653-11ea-9cd4-77ba2bd6446a.html

Barking Dog

Cost above is approx for both bond measures yearly(to start)@1.5m assessed.

 Christopher Cooke

Why are we being asked to pay more parcel taxes? Is the rise in student population due to more students who live in Burlingame or is part of the increase due to students who live outside of Burlingame being permitted to go to school here? I know of several students who don’t live here but who have been permitted to go to our schools. I don’t think we should be paying more in taxes so they can attend school in Burlingame.

resident

Amen. Come on, BSD, get with it.

Cassandra

A parcel tax needs 2/3 approval. This bond would need only 55 percent approval to pass...

Seniors can opt out of the parcel taxes, not the bonds.

Barking Dog

RWC residents just voted NO on a school bond.
IMO, property owners are fed up with a new bond every 3-5yrs. It's never ending in my view.

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