In the past Exposed did several stories on Woodmen Hills doing a Mill Levy and in 2011 they were defeated by the County Commissioners when a slew of owners showed up and put the quibosh on it.
Now the “new” board wants to explore the feasibility of doing it and here some quick numbers for you to ponder
The original bonds for the Park n Rec are still outstanding at 2,890,000 million give or take a few pennies since 1995. In that time the district amassed over 11 million in over 12 different bank accounts as discovered by Exposed this past election.
See Woodmen Hills screwed us all by combining the debts into one bond tied to it all.
So the new debt formed it 16,200,000 combined the actual total is 17.8 million according to the settlement sheet from DA Davidson as posted on this site.
Now for giggles how does this district get around the fact that it combined the debt into one bond for the higher amount?
At the June 14th board meeting the new board put Cory to the task of moving forward and the numbers put out were 1.4 and 2.4 million totaling 3.8 million to expand the Rec Centers a dream of Jan Pizzi’s and now apparently a wish of Troy Stinson board Chairman.
If the mill levy was to pass the claim is that you can deduct it off your taxes and this true but with one small caveat, under deductions for families you must get to the threshold of 24,000.00 in deductions in order to take advantage of the saving.
What kind of savings could one realize under the rule well is it subjective and if correct the number is minimal.
Say if you got hit with a 1,000 a year for park n rec then at 17% the standard collection rate you get back 170 dollars of the 1,000 but I you don’t meet the exemption or itemization level you get zero.
Mind you mill levy’s never retire or go away and the board wants to by appearance raise the debt by as much as 3.8 million over the current rate of 2.8 est. million of current debt for a whopping total of 6.4 million for park n rec.
But wait a minute, if the only bond as shown is a 16.2 million debt then you must ad to it the est. 3.8 million for a whopping total of est. 20 million debt.
We asked the powers that be, tax preparers and the State just exactly how the deductions work and they say it is subjective. The bottom line is this, if you do not meet a certain level of deductions you will not get it.
The exemption currently is $24,000 per year. Do you meet or exceed that number?
Essentially Trump gave us a new standard deduction and if you do not exceed it your up a creek. It means there is no tax benefit for a mill levy. But don’t take our word for it call your accountant or any number of professionals and they can confirm it. There is always calling the IRS and they will set you like us straight.
What Woodmen Hills is now trying to do is potentially stick 2652 platted owners with a new tax bill for park n rec and that is contradictory to what they campaigned on.
If you pull this study and try to get 2652 owners to pay via a mill levy for a 3.8 to 5.4 million dollar rec center, your career on the board will be short lived.
Did we exchange Pizzi’s Pavilion for Stinson’s Stadium, Carl’s Coliseum, or Reiter’s Rec center? LOL.