Bonds and levies are two different ways for a school district to raise revenue. A bond is debt, offered to the public, which must eventually be repaid with interest. In a sense, a bond issue is akin to a mortgage on a house. A levy is a tax that is imposed on local property owners in order to raise money for services. Municipal governments will often have different requirements for levies than for bonds.
Revenue from a levy typically comes in over time. And levied tax, unlike a bond, is not repaid in the long run; "repayment" is understood to be the service that the property owners reap from their payment (i.e. new schools).
However, a bond issue offers the advantage of raising cash immediately. And if the bond's interest rate is fixed, not tied to an external interest rate, there is a great level of certainty to a bond issue that isn't found in a levy. In addition, the state of Ohio requires school districts to have their share of funding in place before the state contributes their share. So a bond issue is really the only way the district could go.
If you have further questions please email our Superintendent Dr. Robinson directly at James.Robinson@manchester-panthers.org.
How to determine the cost of an 8.78 mil bond issue for your home:
1. Go to the Summit County Fiscal Office website.
2. Fill in parcel, address, or owner, and click "SEARCH" to find your property.
3. Click on the "PARCEL" box in the search results to select your property.
4. Click the "TAX INFO" option in the menu on the left.
5. Find the "TAXABLE VALUE" of your property (see example below). Remember: this is NOT "Market Value"
6. Multiply the "TAXABLE VALUE" by 0.00878 to get the estimated annual cost.
A house with a taxable value of $45,270 would multiply that number by 0.00878 to get $397.47, which would be the annual cost of the 8.78 bond issue on that home.
That works out to $33.12 per month.