Um, commercial property is assessed at 16% and agricultural property is assessed at 15%. And you can see, you know, if you own a commercial piece of property and you go through this exercise, what that would be. Looks like the average value is $439 or about $28 a month for a commercial owner. Okay. So, I'll pause there. I'm I'm not going to go through the other uh two scenarios we've done for you. We have a 40 and a 50, but I wanted to walk the board or remind the board a little bit about how we do these calculations.
Any questions so far? >> Okay. Thank you. >> I I have one one quick question. So I know, you know, our tax rates, the schools tax rates have gone down over the last 10 years roughly, but the total tax bill for residents in Navajo County has not necessarily followed that. Any any suggestions on how we overcome that that feeling that that a person's tax overall tax rate has gone up even though the school's cut has gone has gone lower. >> Yeah. Now, very fair question. uh go to page 24 and um this is exactly what you just said. So if I live in the Blue Ridge Unified School District, these are all the other what we call overlapping political subdivisions that we all pay property taxes on. And uh you know the county of course um the uh the community college, the fire district, the library district, flood control, etc.
And your tax rate there, as you can see, is about $9.56 down at the bottom. Can you see that? That's actually pretty low compared to the valley. I can tell you that. But to answer your question, you know, that's difficult. Uh, and so what we try to do in our communications with voters is certainly remind them of the other political subdivisions. They're going to be setting their tax levies, as you know, coming up as well. and try to maybe isolate the variables a little bit and keep it focused on K12 and and and share with them our story here at Blue Ridge. So, okay. So, um I'm just going to take you to the $40 million scenario. We'll just take you right down to the bottom line here and then we'll show you the 50. So on the $40 million table, um that tax rate is uh 50, let me find it here.
That tax rate is 59, right? So we went from 40 48 cents. Round it up. We do another 10 million at 40. Now we're at, you know, 59 cents per 100. higher higher amount of debt, higher amount of that average tax rate calculation, right, that we shared with you at the bottom. And so then uh the monthly would be about $10 per month, okay, on 40 million versus the $8 on the previous slide. So not bad, you know, to get an extra 10 million, a dollar a month. Uh, I think I might do it if I was a voter given inflation and given the needs of of a particular district, but all voters would have to come to that conclusion on their own. And then 50 million, uh, we go to 66 cents. Okay, we go to 66 cents and then that number would be about $1121 a month.
So, we've shared scenarios from 8 roughly to 11 11:21. Bear with us. We're going to need to update these once we get your priority list and the type of public infrastructure that you want, the type of projects you want to do. Okay? Then we're going to update all these numbers, but I wouldn't expect them to change materially. So, let's call it eight to, you know, I'll round up to $12 right now um in terms of what it would cost to support the capital improvements that was discussed this evening. Okay, so that concludes the bond uh what we call the general obligation bonds and I was going to shift over to the override for just a few minutes and then we'll answer questions and we'll wrap our presentation up.
any questions on the bond material that that you have that I can help address. Okay, let's shift over to the override. Um, your district used to have one and uh it doesn't and it's not uncommon for school districts to have M overrides around the state. We have statistics on that that we can share with you. And so your district um obviously and the board and the community now will consider the potential need to go out at the same time if you want. We can do this two ways. We can go only for the bond. Uh we can do it three ways. Only for the bond, only for the override or we can do a combination of the bond and the override all in one voter pamphlet. It's a little overwhelming, isn't it? But districts do it all the time. They do both. And for your consideration, you can be thinking about how you think your voters are going to handle, you know, two questions.
One for capital and one for helping you out with your with your budgetary needs, which you really need. So, um, I'm going to go to the bottom line here. Some of this has been kind of chatted about. Um, in under Arizona law, our overrides are limited limited to a percent of what's known as the revenue control limit, which is kind of your budget, school finance law. And your revenue control limit is $12,500,000. And we made this table really simple for you. And let's just go ahead and assume for the moment that the district would like to proceed with what they call a 10% M override. That would be 10% of your revenue control limit, which would be 1,250,000. And you can go all the way up to 15% and you can select whatever percentage you want. We have a five, a 10, and 15. using the 10 you can see and uh calculating the tax levy to generate another 1,250,000.
We're calculating a tax rate of 36 cents per $100 of assessed value. So that would be uh $3 a month for each $100,000 home. So this would be in addition to the bond scenario that we just talked to talked to you about. So depending upon your perspective, is that reasonable and is that acceptable to the community so that you have another 1,250,000 to, you know, run your district the way you want to run it? Okay. Questions on override? Yes, sir. If once you pass an override, you're kind of you're kind of stuck. We wouldn't go for another override, let's say, in two or three years. Oh, >> we'd have to wait for that one to to expire basically, >> right? Seven years and it winds down after the fifth year. >> So, you're good for five and then it winds down a third and a third.
So, most districts will renew it as they're approaching that fifth year. So, we got five good years of 10% of your RCL, 36 cents per 100. And I hope this book is helpful for you. to take home. And I like hard copies. I'm more old school, but I like I like having hard copies. So, Mr. Olaf gets on the internet and all that, but just Okay, so uh in wrapping this up on page 22, uh we want to just kind of share this with the community. This is this is kind of cool because go home and get your tax bill and and check it out. And what you're going to find, and we have some good estimates here. Let me let me show you let me show you an est what's going on here. Um um we picked a property my colleague Randy did that.
She's really good at this stuff. So we picked a home on Jerger Lane. You familiar with Jerger Lane? Everybody? Everybody. Okay. Maybe you all live on on Jagger Lane. Okay. And um the average value according to the county is 222,000. So if you pull your tax bill out, you're going to see 222,000. um the assessors um on the limited value which is how we set where we set taxes. The county assessor picks it up at 3.84. Okay, that's kind of their idea of valuation. But the 222 is what we set taxes on, what you pay your taxes on. It's called the net limited. If you go on to Zillow and you type in the address, that home's worth $416,000. So, the good news is as it relates to our property taxes, same thing going on down where I live, as it relates to us paying property taxes on the property we own, it's at a much lower rate than what the actual real valuation is.
So, we're just trying to, you know, educate folks about, you know, again, complicated Arizona tax system, one of the more complicated ones in the nation. So, we try to just kind of uh help communities out in identifying how this is working right now. And I think it's it's it's more of a positive from my perspective in that regard. So, with that, that concludes my presentation. I hope that was helpful. We'll continue to be by your side the next 60 90 days as you, you know, make some decisions on your bond and your override. And I I appreciate your time and your patience. Thank you very much. >> Thank you, Mark.
And um right now we're allowing people if they have questions or or comments about the fi possible financials of the uh bond and uh potential bond and override to come on up and ask any questions or make comments. And I don't Okay, just one thing. I think it's important to remember that this is based these numbers are based on what the uh the assessor's office assesses your property at and what they tax it at, not what your market value. There's an assessed valuation and then they figure your tax valuation off your assessed valuation, not your actual full cash market value. Uh there's a difference between what market value is, assessed valuation, and the limited property value that they assess. So, um what you would want to sell your home for is not what the county is going to tax it for. Um so, when you start looking at your taxes and you think, well, my house is worth this much, my taxes are going to go up this much.
That's not what's happening. They're going to assess your property based on what improvements you have to your property to your to your property. And then off that assessed valuation, they calculate your tax, not on market value. Market value and assessed valuation are two complete different things. Market is what the market value is what the market will bear. Assessed valuation is what they figure your property is worth with the improvements it has to it. Just just a clarification on that. Right, Bridget? >> All right, come on down.
State your name and we're happy to give you three minutes to hear. >> My name is Misha Steinreer. I graduated from Blige. I have lots of family in the area. Um, I don't think that anybody would say that Blige doesn't need some help. That's not it. Having spoken to others in the community, family members, my parents, uh, since seven children here, they're retired. We have a large retirement community. I think to get public support and opinion, they are going to want to know what their money is going to go to and what it means to them. So based on the numbers that were provided tonight, if you take the maximum for the bond and the M override, my parents who are retired, living on fixed income, it will equate to an additional about $350 a year for them. Now, my parents have grandchildren that go to school here.
They value that. In just my conversations to them prior to the the previous bond, they were not willing to vote for it. Having spoken to them with the information that I've gathered from the study session that I attended and the knowledge of what it is facing, their opinion changed. That is going to be your biggest obstacle to overcome. That's just a personal reference that doesn't include the business references where they are going to have their own set of concerns. But um I agree with some of the other comments on the technology. I think that is going to be also a big over a um obstacle in getting a bond passed. So I thank you for your time and those are just my observations as a citizen. >> Thank you for your comments. We we appreciate that. And um and yeah, I I definitely think um you know, the fact as Mark just presented, you know, we have a bonding capacity of what did it say about 113 million that we could ask for.
And I think some districts go out for the maximum um every every few years and whatever they spend down they continue to go out for the maximum. And you know I I also want to talk about the importance of fiscal responsibility and hopefully we've been fiscally responsible enough and we've shown that but then also have demonstrated a need. And I once again um you know going back to the parable of the talents I I hope I hope the community invests in us and gives us um an opportunity to make good investments and and I I think there are lots of benefits that it will share with the community. So thank you and and I'm up for hearing things and how you think we can spread the word and share this more publicly. Um, I'm up for hearing that just so people can see where we're at, what we need, and um, have conversations and listen to people.
And with that said, uh, at the end of the meeting, we we had a loted time for any general comments on the bond, override, facilities, technology, any of the components we discussed that tonight.
So, we can open this up at that time and give people um, up to three minutes to comment or question on that. And I just want to thank you guys again, everybody who came tonight, because this just the attendance here tonight shows the importance of this to our community and shows a support for our staff that is literally all in on supporting the kids to the community, the kids in our community to grow up and be, you know, effective great members of our community that we're proud of. So, thank you guys just for showing up and showing that support. And um at that we will open it up for any comments before we end the meeting. >> And and I'll just say um all of us as board members like we've all lived in this community a long time and we certainly don't I don't want my taxes to go up.
But with that said, I know that there are needs. And so just know that from our perspective, we we're going to do everything we can to to not have your taxes go up as much as possible and to do the most with whatever we do get. Um that is certainly our commitment as well. >> Come on up. State your name. >> Britney Hamilton. Sorry, I've already been up here. Um I was waiting till the end because I just thought it was easier to kind of state everything at at once rather than it kind of getting lost in the mix. Um, I mostly want to address the board to be completely honest. I know we've got a lot of new board members and we appreciate you being here. Um, and just kind of reiterating to what Mike just said, the responsibility that you have to represent us, the citizens and the taxpayers, because it is our money being used to fund this school district.
And so that has to be a partnership and has to be well represented on that board from our perspective. the school gets to be well represented from their perspective and bringing in all of their information, but us as taxpayers, you are the governing body of this administration in our behalf. And that is a huge responsibility that I hope that you take seriously. Um, and that you engage with us to find out really what what we want, what we need, what our kids need. Um, because it's also not only our money that's funding this, but it is our children that also reap the positive or negative consequences of these decisions. So, um I was just looking up some research and have gathered a lot of data um up until this meeting and I wanted um in last week's meeting when we talked about finances and stuff.