Mill language is confusing, and seeing the ballot wording that says not only 4.90 mills but also that the total needed to retire the bond series is 8.10 mills annually is scary. Don’t be scared! The mills number might change, but the amount of money needed to pay off the debt each year is a fixed amount and does not change the overall tax bill each year. It’s the taxable value that goes up and down, and so the mills number adjusts accordingly.
The 8.10 mills is a required Department of Treasury calculation that assumes a -.82% change in taxable value over the next 5 years and 0% change in the following 20 years. The 8.10 mills also includes replacing 2.5 mills of debt that will be retired in 2020 and 2023.
If you still have questions, contact our Chief Financial Officer, Charlie Roddis, at 586-510-2027 or email@example.com.