Tax Increase Projections Lowered For Braintree Debt Exclusion

Braintree MA

11 September, 2020

1:20 PM

Description

BRAINTREE, MA — If Braintree voters approve a $63 million debt exclusion to pay for a new South Middle School, annual property taxes will increase. But according to Mayor Charles Kokoros, those increases will be less than initially thought because of the town's strong bond rating and lower interest rates. Orginally, Kokoros said the debt exclusion would cost the average homeowner an additional $191 in property taxes per year, but that amount was lowered by about $20 per year for the life of the 30-year loan. Annual cost will lower even more after five years, Kokoros said. Speaking during a Zoom forum with the Vote Yes for Braintree Schools Committee, Kokoros said many residents are facing financial difficulties amid the coronavirus pandemic, there isn't a better time to borrow money for major projects. The debt exclusion vote will take place on Sept. 26. It was separated into four questions on the ballot with the majority of the exclusion, $55.6 million, covering the construction of a new South Middle School. Other projects include: $5 million to replace roofs at five elementary schools$1.5 million for a feasibility study on redeveloping Braintree High School$1 million for school security improvements district-wide.If a debt exclusion is approved, property taxes will increase, but the increases will decrease gradually over the life of the loan. Here's a breakdown of the average tax increases: Years 1-5: $170.99Years 6-10: $155.91Years 11-20: 150.88Years 20-30: $130.78Residents not registered to vote will have until 10 days before the election to register. Applications to vote via absentee ballot will be accepted by the town clerk until noon the day before the election. Anyone who has already filled out an absentee ballot will still have their vote counted. More on the Braintree Debt Exclusion: Braintree May Lose Millions For New School Without Debt ExclusionHow Much Will The Braintree Debt Exclusion Cost You In Taxes?Opinion: Vote Yes For Braintree Debt ExclusionBraintree Debt Exclusion To Cost $63 Million Over 30 Years: MayorMayor Calls For Debt Exclusion To Pay For New South Middle School