To Buy or Not to Buy?

By Haley Burton

To Buy or Not to Buy?

February 12, 2013 Updated Feb 12, 2013 at 12:37 PM EDT

Conklin, NY (WBNG Binghamton) People in the Susquehanna Valley School District head to the polls on Tuesday to vote on some new transportation for kids to head to school.

The Susquehanna Valley School District is conducting a bus purchase referendum Tuesday from 12:00 p.m. to 9:00 p.m. in the High School Gymnasium.

The district is asking residents to consider a measure authorizing the purchase of four buses total: Three 66-passenger buses and one 35-passenger bus. The district says the total cost is $411,000.

The district says it currently has a fleet of 38 buses but some of them are 15 years old. The district says its time for an upgrade.

From the SV School District:

If voters approve the bus purchase proposition, the total amount of the borrowing including interest is estimated to be $453,876 over five (5) years at 3% interest.

State transportation aid will cover 82.7% of the cost of the buses, or $375,355 over five years.

The local share (the cost to taxpayers) is the remaining $78,521, spread out over five years, or an average of $15,704 per year.

Based upon current tax rates, the average estimated annual cost to the owner of a $100,000 home is $4.00, or $0.33 per month.

The exact amount of cost to each individual taxpayer depends upon the assessed value of your property, equalization rates, and participation in STAR.