What would the local option levy cost?
The Lake Oswego Local Option Levy was first passed in 2000 and increased 2004. The 2019 Local Option Levy would maintain existing funding while levying homeowners an additional $0.25 per $1,000 of assessed value for a total of $1.64 per $1000 assessed value. The median assessed home value is $450,000. Assessed values are typically lower than real market values. If the levy passed, the median homeowner in Lake Oswego would pay an additional cost of approximately $9.33 per month.
Spending would be subject to annual audits. If passed, this measure would succeed the current school levy at a maximum rate of $1.64 per $1000 of assessed home value. The levy is estimated to raise $13 million beginning with the 2019-2020 fiscal year plus 3% each fiscal year thereafter, concluding with the 2023-2024 fiscal year, for a total of $69 million over five years.