A school bond is a general obligation bond, which is a property tax applied to the assessed value (AV) of all properties within the school district boundaries. Bonds are used by a public school district to finance school facility construction or other capital improvement projects. A bond rate is a tax rate expressed in dollars per $1,000 of Assessed Value (AV).

School districts must seek voter approval for authorization to issue general obligation bonds. Measures are placed on the ballot along with information about the specific projects that would be completed by the district, if approved by the voting public.

The State of Oregon does not provide funding to school districts for school construction, building improvements, or preservation of facilities. School districts in Oregon typically use general obligation bonds to finance major capital expenses.

By law, general obligation bond funds can only be used for the capital projects outlined in the ballot explanatory statement. Bond funds cannot be used for items such as PERS, salaries, or other employee expenses, nor can they be used for routine maintenance or supplies.

A Bond Oversight Committee (BOC) is a committee that reports to the School Board or Superintendent. It operates under a committee charge, just as the Community Bond Advisory Committee (CBAC) does. The BOC's role is to ensure that general obligation bond funds are only used for the projects as written in the ballot measure as approved by voters. The law requires voter-approved funds to be used only in this way.

Typically, a BOC is formed to:

• Review, and when applicable, participate in the process to solicit, qualify, and select general contractors, architects, vendors, and consultants for major projects;
• Review financial statements, project scope, construction documents, and bid solicitations to ensure that bond dollars are only being spent on projects approved by voters;
• Regularly inspect school facilities and grounds to ensure bond revenues are expended appropriately;
• Make recommendations to the Superintendent as to policies and procedures which will enhance accountability for bond dollars to district stakeholders;
• Assist in maintaining public trust and confidence in the district through active involvement in communications related to the bond projects.

Again, bond funds cannot be used for anything other than the projects outlined in the ballot measure presented to voters.

Real Market Value (RMV) is the amount that a property could reasonably expect to sell for as of January 1 of each year. Assessed Value (AV) is the value of the property subject to taxation. It cannot exceed the RMV. A bond rate is a tax rate expressed in dollars per $1,000 of Assessed Value (AV). Learn more here.

Redfin, Zillow, or real estate professionals focus on market value. For most properties in Oregon, real market value is higher than the assessed value on the property tax statement. You can look up your property’s Assessed Value (AV) by reviewing your tax statement or through the search function at the Linn County Assessor’s Office webpage.

Farm and forestland properties have varied zoning and use. Depending on the zoning and use, active farm or forestland may have a special assessed value. Because individual situations and properties are different, we highly encourage you to look up the Assessed Value of your farm or forestland property via the Linn County Assessor’s Office webpage.