By Peter Nash, Gig Harbor
The group opposing the Peninsula school bond, Responsible Taxation of Citizens (RTC), ignores basic economics in their proposed “Better Way.”
They claim no overcrowding exists because they ignore state definitions and don’t differentiate portables from permanent buildings. In fact, we have two schools worth of kids in temporary structures.
RTC argues new schools aren’t needed yet propose a levy to build a new school and re-build another.
RTC contradicts themselves again by projecting property values increasing 6 percent a year, yet they don’t account for any building cost increases. This is preposterous.
Their plan is a gross miscalculation. Levy funds are received as taxes are paid, taking years to save enough to start building.
Compounding the problem, construction gets more expensive every year while levy revenue remains flat.
This creates shortfalls, causing more delays, resulting in even higher costs. These costs far outpace interest, eliminating a levy as a viable option.
RTC states zero additional costs are associated with their levy proposal, but that’s impossible.
To do the equivalent work of the bond, levies require higher tax rates and have higher total costs. The last bond was paid off four years early, and this bond lowers our local tax rate from 2018.
This transcript taken from the original letter published in the Tacoma News Tribune on February 7, 2019