Information on a Retiring Bond and Possible new Bonds
The City’s Series 2003A general obligation bond issue, that refinanced earlier debt for parks and other public facilities, matures (is paid off) in June 2013. The retirement of the bond will reduce annual property taxes by approximately 11.5 cents per $1000 of assessed value, or $37.95 for the owner of a home with an assessed value of $330,000.
There are two Lake Oswego general obligation bond measures on the November 2012 ballot - a $14 million bond that would contribute to construction of a new library and a $5 million bond toward Boones Ferry Road improvements. If approved by voters, the Library bond would increase annual property taxes by 17 cents per $1000 of assessed value and the Boones Ferry Road bond by 6 cents per $1000 of assessed value. If both are approved, there would be an annual property tax increase of 23 cents per $1000 of assessed value, or a $75.90 property tax increase for the owner of a home with an assessed value of $330,000.
The estimated net annual impact to property tax bills beginning in July 2013, after retirement of the Series 2003A debt and addition of the two new bonds, if approved by voters, would be 11.5 cents per $1000 of assessed value. For a home with an assessed value of $330,000, this equates to a net property tax increase of $37.95 per year for the combined Library and Boones Ferry Road bond measures.