VOTE YES! FOR NLR KIDS
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FINANCIAL DETAILS
The total estimated cost of the project is $127.8 million. The project will be funded through three sources:
NLR School District Investment: $36.9 million
State of Arkansas Partnership Funds: $20.8 million
Estimated Revenue from 4.0 Mills: $70 million
In addition to the construction and renovation of school facilities, project funds will be used to demolish existing buildings to provide space for new construction.
WHAT DOES IT COST ME?
The NLRSD is seeking an increase of 4.0 mills on residents property tax. One mill is equal to 1/10 of 1%. Property tax is calculated by multiplying your property assessed value by the millage rate.
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Assuming an assessed value of $50,000, an increase of 4.0 mills increases annual property tax by $200 or $16.67 per month. Additional estimates are shown below:
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Appraised 20% Assessed 4.0 Mills Per
Value Value Increase Month
$75,000 $15,000 $60.00 $5.00
$150,000 $30,000 $120.00 $10.00
$250,000 $50,000 $200.00 $16.67
$500,000 $100,000 $400.00 $33.33
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WHY NOW?
The NLRMS & Ole Main are in immediate need of reconstruction and renovation. Without the support of an increased millage, the District is at risk of missing the opportunity to use state participation funding. Missing this opportunity would delay these projects for several years.