Surprise General Obligation Bond Election 2009
Home Ballot Three Phase Plan Anticipated Cost Proposed Projects Background City Finances FAQs

How much would it cost?
Anticipated Cost

Phase 1 2010 impact on $180,000 home

  • G.O. Bond property tax rate of $0.35per $1,000 cash value
  • $62 Million in civic improvements
  • G.O. Bond property tax payment of $63 per year

This is an estimate only. Impact could generally go up or down depending on the value of all residential and commercial property in the city as determined every two years by the Maricopa County Assessor.

Combined Property Tax Rate Comparison
Before/After Phase One
Combined Property Tax Rate Comparison

 

What will it cost per year?
(Valuation stays constant at $180,000)
Anticipated annual impact

This graph shows the anticipated annual impact in dollars on a property with a value of $180,000 as bonds are issued and retired during a 35-year period, assuming no change in valuation.

Phase 1 2010 timeline:

  • April – July 2010: Council action on first bond issuance
  • July 2010: First projects begin
  • September 2010: Secondary residential property tax rate/dollar amount appears on regular tax assessment

 

What about Phases 2 and 3?

Phase 2 is anticipated in 2015 and Phase 3 in 2020 for projects that are expected to be needed at those times. City Council approval in 2015 and 2020 would be necessary before any bonds could be issued.

All three bond phases would overlap, which would have a cumulative effect on the property tax rate. The Committee recommended and the council approved attempting to limit the tax rate to a maximum of $0.99 per $1,000 of cash value. That would create a $178 per year impact a $180,000 home in Phase 3.

 

Note: The tax rate could be higher or lower depending on the valuation of property in the future. Generally, the dollar amount paid per property would not be affected by increases or decreases in valuations. Bond issues occur at a time it is appropriate/sensible as determined by City Council in a public meeting. Considerations the council may discuss include:

  • Timing right for community?
  • Bond market conditions: are interest rates favorable?
  • Construction costs?
  • Are operational costs planned for?
  • Have community needs changed/reprioritization in order?