This bond will NOT increase the current debt millage levy.
The Okemos School District currently levies 7.0000 mills to retire existing debt. The major portion of existing debt dates to the 1993 bonds that built Okemos High School and Bennett Woods Elementary School. All current debt will be paid in the 2021-22 school year (blue). By extending the existing 7.0000 mill until 2024-25 (green), the requested bond can be paid for with no increase in millage.
- Current millage: 7.0000 mills, to be paid off during 2021-22 (blue)
- Proposed millage: extend the 7.0000 mills until 2024-25 (green)
Understanding Millages and Bonds
The millage rate is the amount per $1,000 of property value that is used to calculate local property taxes. Assigned millage rates are multiplied by the total taxable value of the property in order to arrive at the property taxes.