The bond is $150 million and will cost tax payers $2.49 for every $1,000 in assessed valuation. This bond package is the same as the one presented to the community in February, with a lower tax rate. This is because interest rates for school bonds have dropped recently and our developers are reporting slower home development, resulting in a 1 to 2 year delay in building projects, which in turn delays future bond needs. This bond does replace the 2006 bond that was paid in full in December 2022 which does lower property taxes in 2023. If approved, the 2023 bond tax will take effect in 2024.
PROPERTY TAX EXEMPTIONS AND DEFERRALS
Senior citizens, people with disabilities and veterans with disabilities can qualify for a tax exemption. For details, please visit the Pierce County Assessor's website.
The 2023 bond will be less than the average for the expired 2006 bond. The average tax rate for the 2006 expired bond is $2.81. Tax rates fluctuate over time. Growth over time has helped to lower the tax rate. This is the average over the course of 16 years.
It is estimated that the 2023 bond will be stabilized and have a stable tax rate over time.
Above is the 10-year history of OSD bond rates
Above is the total combined tax rate with the 2022 levy and the estimated price of the 2023 bond
Pierce County Tax Rate Comparison
|Sumner-Bonney Lake SD||$4.99|
|Franklin Pierce SD||$4.57|
|University Place SD||$4.34|
|White River SD||$4.27|
|Steilacoom Historical SD||$3.39|
For the 2022 year, Orting School District had the lowest rate in Pierce County.