Under the information provided by commenter Mark about Woodstock area residents’ public debt, this was posted by rural Woodtock resident Susan Handlesman:
ADD TO PUBLIC DEBT OF WOODSTOCK RESIDENTS WOODSTOCK D200 DEBT
Woodstock Taxable property (non-TIF) is liable for School debt.
Woodstock CUSD 200 CAFR states principal debt at $95 million in 2020.
That is in compliance with legal reporting but off by $50 million additional actual dollars debt.
Woodstock D200 has HIDDEN DEBT of $50 million interest accruing, owed interest on a 2006 CAB (capital appreciation bond) which borrowed $13 million in 2006 at 8 1/2% compounding interest rate, but will owe $50 million interest in addition to that principal, in 2022.
So living in Woodstock, which means property is obligated to pay for school district 200 debt, taxable (NON-TIF ) properties are obligated to a debt of around $150 million.
The amount per property of debt burden is best calculated as a percentage of property value.
EAV of D200 is around $800 million, so $150 million debt divided by $800 million EAV indicates a a debt obligation of 18.75% of EAV; or 6.25% of total fair market value of ALL Woodstock taxable property.
(Remember, TIF free-riders, new residents for whom these school buildings were built ARE PROTECTED BY LAW FROM ANY OBLIGATION FOR THIS DEBT BURDEN. They are not legally allowed to pay this debt, only NON-TIF properties are obligated to pay this debt. Learn about TIF!!).