Letter to the Editor: 'Why I'm Voting Yes on E-SPLOST'

"SPLOST is a consumption tax, or a “pay as you go” tax, not unlike the Fair Tax. You don’t borrow over time (like a mortgage) and property taxes don’t hit the stratosphere like many parts of the Northeast. SPLOST is our most fiscally responsible choice.

Let’s think about saving money. Though this is a big system with big numbers, consider a $1 million home mortgage loan at 5 percent interest for 20 years.  Over the life of the loan, total interest paid would be $583,893.77. That additional interest is well more than half the cost of the home. If you don’t borrow, you don’t pay the lenders all of that interest and you come out way ahead.

Fulton County Schools need $912 million dollars in the next five years for new schools, technology infrastructure, and maintenance. What is the homeowner impact? If we borrow using bonds (similar to mortgages with principal and interest repayment), property taxes on a $400,000 home are expected to increase by $346 per year for each of the next 20 years. Repayments of principal and interest will continue 15 years longer than the five year building and maintenance need. Not only will we pay big interest costs, but what happens in year six when there is still need to maintain our schools and another 14 years remaining on the debt? Then what?

If we raise taxes to directly meet the need (no borrowing, no bond referendum), a $400,000 home owner faces an additional tax burden of $1,020 for each of the next five years. That is onerous, particularly if you are on a fixed income. It is also before paying teacher salaries, fueling a bus fleet bigger than MARTA, or funding any regular general operating expenses for our schools.

With the continuation of SPLOST, everyone who spends money in Fulton County, whether residents or not, help support our schools. It is estimated that some 30 percent of the SPLOST revenues come from people living outside Fulton County. Think of the sales tax for those passing through downtown or the airport each day. What about the many conventions in Atlanta? How about the tickets and food at the Braves Stadium, Phillips Arena, or the Georgia Dome? Think of the shopping in Buckhead or at North Point Mall and the dining at our many restaurants. Everyone pays the SPLOST penny sales tax including our Cobb, DeKalb, Gwinnett, Cherokee and Forsyth neighbors. Without SPLOST, the financial burden to build and maintain our schools falls squarely on homeowner shoulders.

The single biggest investment of most folks is their home. As for bad choices, not investing in the good schools of Roswell will cause more damage to your property value than any burglar ever could.

You can pay now or pay much more later…"

Linda Steindorf

Roswell