Below is the original tax rate estimate provide by the Foothill-De Anza Community College District to the voters during the June 2006 Bond Election. The original estimate of $24 per $100,000 of assessed valuation is now $18.88 per $100,000 of assessed valuation. This rate reduction is a result of the 2006 Series A, B and C General Obligation Bonds, which were sold on April 18, 2007, May 3, 2007, and May 19, 2011 respectively.
Thanks to the strong community support, the voters of the Foothill-De Anza Community College District successfully passed Measure C, a $490,800,000 general obligation bond. This bond will provide the necessary funds to repair and to upgrade Foothill and De Anza Colleges and to improve job training and university transfer by:
- upgrading electrical, heating, ventilation systems, fire/seismic safety;
- repairing leaky roofs;
- improving disabled access;
- repairing and expanding classrooms for nurses and paramedics;
- upgrading technology; and
- repairing, constructing, acquiring, and equipping buildings, classrooms, libraries, sites, and science/computer labs.
The District expects to sell the bonds in four series over ten years. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the District. The following information is provided in compliance with Sections 9400-9404 of the Elections Code of the State of California.
The best estimate of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at the time of filing this statement, is 2.40 cents per $100 of assessed valuation ($24 per $100,000 of assessed valuation) for the year 2006-07.
The best estimate of the tax rate that would be required to be levied to fund the bond issue during the first fiscal year after the sale of the last series of bonds and an estimate of the year in which such rate will apply, based on estimated assessed valuations available at the time of filing this statement, is 2.40 cents per $100 of assessed valuation ($24 per $100,000 of assessed valuation) for the year 2015-16.
The best estimate of the highest tax rate that would be required to be levied to fund the bond issue, based on estimated assessed valuations available at the time of filing this statement, is 2.40 cents per $100 of assessed valuation (or $24 per $100,000 of assessed valuation).
The estimated tax rate is based on the ASSESSED VALUE of taxable property on the County’s official rolls, not on the property’s market value. In addition, taxpayers eligible for a property tax exemption, such as the homeowner’s exemption, will be taxed at a lower effective tax rate than described above. Certain taxpayers may also be eligible to postpone payment of taxes. Property owners should consult their own property tax bills and tax advisors to determine their property’s assessed value and any applicable tax exemptions.
Attention is directed to the fact that the foregoing information is based upon the District’s projections and estimates only, which are not binding upon the District. The actual tax rates and the years in which they will apply may vary from those presently estimated, due to variations from these estimates in the timing of bond sales, the amount of bonds sold per series, market interest rates at the time of each sale, and actual assessed valuations over the term of repayment of the bonds. The dates of sale and the amount of bonds sold at any given time will be determined by the District based on need for funds and other factors. The actual interest rates at which the bonds will be sold will depend on the bond market at the time of each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process.