Will my taxes increase all at once?

If the referendum is successful, the City will likely sell the bonds over a three- to four-year period. This will mean that the increase in property tax impact will also be spread over three to four years.

The City may sell approximately 25% or 33% of the bonds in 2024, 2025, 2026, and/or 2027. Once bonds are sold in a particular year, they will not impact your property taxes until the following year. As an example, if the City sells bonds for four consecutive years beginning in 2024 (2024, 2025, 2026, and 2027) the increase in property tax impact would begin in 2025 and continue for four consecutive years (2025, 2026, 2027, and 2028) and then remain constant for the remainder of the 20-year period until the bonds are retired.

Question 1 Example

Tax Impact of $66,750,000 G.O. Bonds Issued with a 20-year repayment
YearBonds SoldMedian Valued Home Annual Amount
2024$16,687,500
2025$16,687,500$58.59
2026$16,687,500$58.59
2027$16,687,500$58.59
2028 $58.59
Total$66,750,000$234.36






Tax impact is estimated based on certain assumptions, including a median value home valuation of $352,500 and an estimated issuance of $66,750,000 in general obligation bonds with repayment period of 20 years and estimated bond rates as of June 30, 2023.

Question 2 Example

Tax Impact of $6,500,000 G.O. Bonds Issued with a 20-year repayment
Year
Bonds Sold
Median Valued Home Annual Amount
2024
$1,625,000
 
2025
$1,625,000
$5.70
2026
$1,625,000
$5.70
2027
$1,625,000
$5.70
2028
 
$5.70
Total
$6,500,000
$22.80






Tax impact is estimated based on certain assumptions, including a median value home valuation of $352,500 and an estimated issuance of $6,500,000 in general obligation bonds with a repayment period of 20 years and estimated bond rates as of June 30, 2023.

Show All Answers

1. Why is the City putting forward an investment plan for the park system at this time?
2. What is the plan the City is proposing to voters?
3. Who came up with this plan?
4. Will my taxes increase all at once?
5. If the referendum passes, is there a way for me to receive any property tax relief?
6. Will the City use local contractors for this project if the Parks Referendum passes?
7. Can't we wait a few more years to make improvements?
8. Have Apple Valley residents been involved in the planning process?
9. Why aren't there detailed drawings of the proposed new construction?
10. How much will this Parks Referendum cost and how will it be funded?
11. What are the other funding sources the City plans to use?
12. What is happening with the new Youth Baseball/Softball Complex?
13. I thought the City was going to use synthetic turf for the Youth Baseball/Softball Complex?
14. What is happening at Redwood Park?
15. What is happening at Kelley Park?
16. Will the City be making strides to improve the environment?
17. If the Parks Referendum passes, what happens next?
18. What happens if the Parks Referendum isn't approved?