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As a Realtor, I think about what the West Lafayette school referendum actually means for your tax bill and your home’s value.
"This referendum doesn’t request new money; it requests a tax rate adjustment so the district can keep funding what it already funds. It seeks to preserve revenue otherwise lost under Indiana’s Senate Enrolled Act 1.
Here’s a concrete example: Say your $300k home has a net assessed value of about $157,500. At the current 37-cent rate, that generates roughly $583 for the schools. Under SEA 1, that same home’s net assessed value could drop to somewhere around $100,000—and at the old 37-cent rate, that only generates about $370. The district loses funding even though the tax rate is unchanged.
West Lafayette homes carry a real price premium. Over the past 24 months, single-family homes in West Lafayette sold for a premium ranging from 9% to 25% per square foot over homes in two nearby districts. Schools aren’t the only reason, but they’re a meaningful part of it. When I talk to buyers about why they’re choosing West Lafayette over a less expensive option nearby, the school district comes up almost every time.
My take as someone who watches this market closely: A small, mostly-offsetting adjustment to your tax bill is a known, modest cost. A school district that loses funding instead of having it replaced is a much bigger unknown and unknowns are exactly the kind of thing that shows up, eventually, in a market’s price per square foot."
– Stacy R. Grove, Broker/Owner, The Russell Team and parent of 3 WL students
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