How Much Will A New High School Cost City Homeowners?


How Much Will A New High School Cost City Homeowners?
By Scott Rogers • May 18, 2017
Here is a grand oversimplification: Harrisonburg High School is filled beyond capacity. The school-aged population in the City of Harrisonburg is continuing to grow. The high school needs to be expanded or a new high school built. Any such expansion or new build will be very expensive. This large expense is likely to be paid for primarily via an increase in real estate taxes. So, then, how much will real estate taxes increase? As shown above, it depends on the value of your home. These examples are based on the potential need for a $0.175 increase (per $100 of assessed value) in the tax rate. Increasing the tax rate from $0.85 to $1.025 would result in.... The owner of a $150K property paying $22 more per month. The owner of a $250K property paying $36 more per month. The owner of a $350K property paying $51 more per month. The owner of a $500K property paying $73 more per month. So -- yes -- this would be a drastic increase (20.5%) one-year increase in the real estate tax rate. But when broken down to the actual increased cost per month, it does not seem quite as overwhelming. Further reading from the Daily News Record: 5/18: Second High School Option Gets Pushback 5/17: Board Gets Estimate On New School 5/15: School Board To Get New Building Cost Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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