Do seniors need to pay this tax? Yes. This tax is for a bond and unlike some other property taxes there is no ability for seniors to avoid or reduce their obligation. All Pleasanton property owner tax bills will go up, once again.
The “Yes on M” proponents are showing this chart where Pleasanton’s “Bond Tax Rates” are lower than surrounding cities. Shouldn’t we want to be higher like our neighbors? – While the district uses this chart to show an apparent shortcoming of Pleasanton taxpayers, they do not tell the whole story. Our district does not indicate what the other districts built with their funds. Thus far, we have fences and no new classroom capacity, and won’t until 2022. It is too soon! Additionally, do you justify increasing your credit card debt because your neighbor has mismanaged their credit cards and are in crushing debt? Sober heads must prevail, this is not a competition to see which district can get most in debt or which taxpayer is taxed the highest.
Is this tax really for the students? Because the PUSD employee’s pension fund investments have not performed as needed, PUSD has been forced to increase their pension costs by 100% / $10,000,000 in just 5 years. That’s $10M per year NOT directly helping the students. So, 50% of Measure M is needed to offset this skyrocketing expense. See the PUSD Budget page on this website. The pension avalanche has been known for years, yet PUSD has failed to take decisive and corrective action. Now they are asking you to foot the bill for their inaction.
How much will this tax take out of Pleasanton’s economy? Short answer: $660,849,125 over 31 years, or around $21.3M/year. Yearly property tax bills will go up $43.10 per $100,000 of assessed property. This means, if your home or business property is assessed at $800,000, your taxes will go up an additional $344.80. One million dollar properties will go up by $431, per year. This is IN ADDITION to the current property taxes and bond taxes you currently pay.
How much will the Meaure M bonds cost taxpayers? Short Answer: $660,849,125. Long Answer: PUSD will get a $323,000,000 “loan” at market bond rates. Property owners will pay back the “loan” over 31 years using the $21,317,714 per year additional taxes collected, or $660,849,125. So the school district will get $323M, and we will pay back principle and interest of over $660M. THE BOND HOLDERS WILL GET MORE OF YOUR TAXES THAN PUSD ($323M vs $338M)!! PUSD will only get 49% of the tax dollars.
Is Measure M a bond or a property tax? First of all, what difference does it make? It only takes fifty-five percent of voters to force Pleasanton homeowners and other property owners to pay $660M million without their consent. But to be specific, Measure M is a bond. It’s like a mortgage. PUSD will get money now and the money will be paid back (with interest) over 31 years. But the mortgage analogy ends here. PUSD will NOT be paying the loan back from the school property taxes already collected in Pleasanton. Instead, YOU will pay. Your property tax bill will go up $43.10 per $100,000 of assessed property. This means, if your home or business property is assessed at $800,000, your taxes will go up by $344.80. One million dollar properties will go up by $431, per year.
Didn’t Pleasanton just pass a school tax? Yes, in 2016 voters approved a $271,000,000 bond called Measure I1. When paid back, that bond will have cost Pleasanton property owners $540,500,000. With Measure I1, over a half billion dollars from Pleasanton property owners is not enough. They are now back for more and won’t stop until we say STOP!
I rent, so why should I care about Measure M? If you rent, then you absolutely should care. Landlords run a business and when business costs go up, the options are to either take less profit, or pass the cost on to the customer. So, expect landlords to pass on the Measure M tax to tenants.
How much is PUSD spending Measure M? At least $42,000, probably much more. In 2019, PUSD hired a consulting firm (TBWB) for $6,500/month for approx 4 months for approx $25,000. Read the contract here. Additionally, PUSD paid over $17,000 for a Measure M promotional mailer to Pleasanton households in Dec 2019.