The estimated millage that will be levied for the proposed bonds in 2015 is 3.00 mills ($3.00 on each $1,000 of taxable valuation).
Explanation: The State requires school districts to use a formula to calculate the estimated average cost of mills over the life of the bond. In order to determine the rates (mills), the statutory requirement is to use the last five years of average taxable value growth/negative growth to determine the next five years of taxable value growth. The past five years showed a negative growth in district taxable value (including homes, commercial, etc). This results in an estimate of negative 2.39% per year decline in taxable value growth for the next five years (or nearly 12% in total for the next five years). The 4.15 mills average estimate is based on the negative growth in home values based on the previous five years. However, Oakland County is projecting a 4.4% growth over the next four years. That projection shows that the estimated 4.15 mills average is highly unlikely, however, the District is statutorily required to include that number on the ballot.