(as funds become available)
Why does the City issue General Obligation Bonds?
The City’s facility needs exceed the ability to fund these projects on a “pay as you go” basis. Bonds allow the City to pay for projects over a longer period of time.
What is the total amount of the 2013 Bond Program?
The total amount of the fourteen projects is $86 million.
What are the project categories and how will the funds be spent?
Drainage & Flood Control Improvements:
Parks, Recreation & Open Space Improvements:
How were these projects selected?
City Council appointed a 24 member citizens’ Bond Advisory Committee to recommend projects and they considered over $500 million in identified Capital Improvement Plan projects. Five public meetings were held during the process, along with two additional public input meetings. The committee’s recommendations were presented to City Council, who selected the final slate of projects that were submitted to the voters.
What is the estimated property tax impact of the bond program?
The estimated impact of the $86 million in proposed bonds on a $130,730 average taxable home value in New Braunfels is $115 per year or $9.60 per month. This is based on a total tax rate increase of 8.8 cents by the end of five years. No tax impact will be felt before October of 2014 and the debt will be issued gradually as the slate of projects progress through design, engineering, right of way acquisition (if needed) and construction phases over the next five years.
How can I estimate what my tax impact will be?
Please refer to this chart. Note that these estimates are based on the CITY'S TAXABLE value of the home and that the actual impact will depend on many factors - growth in property values, bond interest rates, timing of projects and the amounts of each issue. This chart assumes a property value growth of 3% each year and debt sold in equal amounts over the five years for 20 year tearms at 4% interest. Note: your home's CITY TAXABLE value can be found on your county's appraisal district website.
Will those with an Age 65 or Older Residential Homestead Exemption have a tax impact?
No, they will not.
For additional Frequently Asked Questions follow this link.