The proposed tax increase, dubbed the â€śLiving Wage for Educators Act of 2018â€ť by supporters, would impose an annual $298 parcel tax, increased annually for inflation, for 30 years. The cost for each property owner would be $8,940 if the rate remained at $298 for the entire 30 years, but the cost is likely to grow significantly as the rate is adjusted for inflation.
. . . David Crane, a lecturer and research scholar at Stanford University, said increased pensions and healthcare benefits for retired employees may be the real reason for the parcel tax. Crane noted that from 2012 to 2017, SFUSDâ€™s financial reports show that the districtâ€™s spending on pension and healthcare costs for retired employees grew more than $50 million.
In 2012, the district spent 26 percent of the amount dedicated to teacher salaries on retirement costs. That number increased to nearly 70 percent by 2017. Over the same period, district revenue grew 36 percent.View Article