Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1922-07-06
RELATIVE TO NEW HIGH SCHOOL
STRUCTURE AND TAXATION.

'~N~NNAAI Vi q INV AliEh NNiNNh NA'fN'AfE
was addressed. as is generally known
by 5. Miles Thomas, a native of Min
eral Point, who is now State High Schoo
Inspector. Mr.. Thomas talk was 81
entertaining and simplifed that many
have since expressed liking to see il
in print. Here it is, as furnished by him
Madison, Wis, June 30, 1922.
\ Dear Editor AS promised you | am
sending a synopsis of what | presented
at the meeting the other night. The
outline on my talk was as follows;
l. Commendatory statement of the
progress of Mineral Point in the past
twenty years along the line Of
(a) A splendid high school building
in the second ward.
(b) The city auditorium, which is
one of the finest buildings of its
kind in the State OF Wisconsin.
(c) The wonderful improvements
that have been made upon the
streets of the city.
2 Taxation and bonded Indebtedness.
All this has been accomplished with
out making the tax burdens of Mineral
Point heavy Mineral Point is one of
eighteen cities in the state with pop
ulation between two and three thousand
persons. Its present bonded indebted
ness is practically nothing. After this
year there will be less than $4,000
bonded Indebtedness. This is chargeable
to the waterworks. At the close of this
year all of the bonds on both the high
school and the auditorium will have been
paid off. The sum of money that has
been paid off on the auditorium and
high school has been $4,000 year plus
the interest.
An interesting feature found in com
pairing the true tax rates in the eighteen
cities lust mentioned is that Mineral
Point has the third lowest tax rate of
these eighteen places. Only two places
River Falls and Edgerton) have smaller
rates. The low tax rate at River Falls
is accounted for by the fact that the
statD aormal school located there cares
for > largo number of both the ele
mentary and high school pupils of the
city:sThis lessons the tax rate. Edger.
ton is one of the wealthiest small cities
in the country. 1t has an assessed val
uation of IL millions, which is practical
ly third more than the assessed valu-
alton of Mineral Point This, of course,
lowers the tax rate, because tax rate
depends upon two factors the assessed
valuation and the tax to be raised.
In this group of eighteen cities there
are places that have double the true
tax rate that Mineral Point is now pay
ing. The true tax rate for River Falls
is $40 20 per one thousand dollars, as
sessed valuation for Edgerton $50. 60 !;
for Mineral Point $22 10. and Viroqua,
the highest, $45.50. The tax at Viro-
qua is thus seen TO be double of that of
what Mineral Points tax is.
In view of the low tax and the small
bonded Indebtedness, a high school
building could be put up without any
great burden on the taxpayers. A high
school as suggested 10y the architect at
the time of the meeting could be put up
for 800, 900 under present prices. This
sl00. 900 could be added to the present
tax roll and paid for in one year wicii-
out exceeding the present tax rate of
Viroqua. To do such thing would, of
course, be an unwise policy. II the
cost of a 500, 600 building were dis
tributed over a period of fifteen years
there would have to be paid off on the
principal each year, if paid for in equal
installments, So, 666. Sc. The money can
be obtained at the present time for
building purposes, through bonding
houses, at a rate of So or less. In
some places SO bonds are selling at 9
premium. The first years interest or
500, 900 bond is So, 600 The last
years interest is.$333 33. The average
interest, therefore, that would be paic
over a period of Is years would be one
half of the sum of the first years in
terest.plus the the last year which il
81. 6e6. Sc. This added TO your principle
that would be paid off would give
SO, 1898.
Inasmuch as the last $4,000 on thu
municipal building and present higl
school building is paid off this year, j
would be possible to use this sum o
"a, 900 along with the interest OF thes
sums toward new high school building
with but an additional $1,000 tax bur
den yearly to the city.
i Ii is Of interest to know that abou
one-twelfth of the taxes collected q
for state purposes, one-twelfth TO
county purposes, one-third for the cit
schools, and one-half for the genera
operation Of the city.
The rate of tax of $1,000 on an al
sessed valuation of SO, $50, 7S7, which
, the assessed valuation of Mineral Point
..,ld g;ve an added tax Of 81 ,35 DC