Analysis of Debt that will be acquired to build a new Laurens High School was among the items discussed at last week’s School District 55 Facilities Projects Committee meeting.
A Debt Service comparison sheet was passed, showing debt for District 55 and surrounding school districts. Chairman Ernie Segars and Vice Chair Terry Varner talked about the breakdown of the bond mileage needed to collect a certain amount of revenue to service debt.
They explained that while the District 55 property tax that goes to support debt service would double with a $109 million bond issue, the overall tax would not. That pointed out that the school bond portion of property taxes makes up on a portion of property taxes.
An example was given of a home with a tax value of $100,000. The current millage rate in District 55 is 54 mills, which produces $224 from a home with a tax valued of $100,000. With the millage needed to support the proposed new bond sale, the millage to service bonds in District 55 is expected to be raised to 110 mills. This would raise the bill for servicing debt on that $100,000 home to $448 per year.
People attending the FPAC meeting were reminded, however, that there are exemptions and write-offs, meaning many taxpayers would not have to pay the increase. The exemptions apply to persons who are 65 or older, also to windowed and disabled persons.
One of the persons attending the FPAC meeting expressed an optimistic thought about the proposed Bond issue, saying that the new high school has potential to draw new housing, industry and business into District 55, and that with the new investments the people now paying the tax for bonds would have more folks paying the tax, reducing the cost for current taxpayers as the tax base is expanded.
The L55 FPAC Curriculum Subcommittee will meet Tuesday, May 2, at 6:00 p.m. at the District 55 Administrative Office. The meeting will be held in the conference room of the Teaching and Learning Department.
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