MEASURE K TAXES DIP FOR RESIDENTS.

Byline: Daily News

SANTA CLARITA - Newhall Elementary School district owners are getting a break.

Property taxpayers will now pay 32 percent less in taxes for the Measure K Elementary School Tax that district voters approved three years ago after the district sold the remaining bonds at record low interest rates, officials said Thursday.

Last week, the final $17.5 million of $35.5 million was released for use by the district, officials said.

Superintendent Marc Winger said the district wanted to secure the savings to taxpayers because the assessed valuation within the district has been rising and is expected to continue to rise.

The passage of Measure K in the June 1999 election authorized the district to sell $35.5 million in bonds to fund districtwide improvements. Modernization and new construction at the seven elementary schools has been going on since November 1999.

The average tax rate over the life of the 25-year bond was expected to be $42.93 per $100,000 of assessed property value, but because all the bonds have been sold, that rate drops to $29.08.

This year, the new tax will be $49.01, which will appear on homeowners' annual property tax bills.

On a house assessed at $200,000, the average bill will be $58.16 instead of $98 per year, over the life of the bond.

Although rates will be affected by future changes in the assessed property valuation, officials are optimistic that rates will continue to drop as homes become more valuable and the community continues to grow.

However, tax rates could also rise if the assessed valuation decreases.