The City of Surprise has a maximum bonding capacity of $241.5 million. The proposed 2016 General Obligation Bond recommends borrowing 25% of that capacity, or $63 million. That amount would be paid back over 24 years.
What are General Obligation Bonds?
General Obligation Bonds are a way cities finance civic improvements. General Obligation Bonds are sold to investors who are repaid with interest. The repayment comes from a secondary property tax, which Surprise does not currently have. This is why voter approval is necessary.
What’s the cost to you?
If approved by the voters on November 8, 2016, the projects would be constructed in phases over the next five years.
The cost to you, administered via your property tax bill, is not determined by your property’s market value, but rather its Limited Assessed Value.
Here’s an estimate of the maximum cost per year for a property with a $200,000 Limited Property Value, as determined by the Maricopa County Recorder’s Office.
Click on the property's APN Number from the search result.
Find the “Assessed Limited Property Value (Assessed LPV)”
Please note that only 10% of Limited Property Value is taxed on residential property; if you do not have your Assessed LPV dollar amount, then first multiply the Limited Property Value by 10% before proceeding to Step 5.
Divide Assessed Limited Property Value by 100 and then multiply that number by the $0.4642 rate