School bond tax rate to drop 52%; $177 lower on $250K home
It is nice to get some tax relief. And that will likely be the case come tax time for Fayette County property owners since the Fayette County School System’s debt service millage rate is expected to decrease by 52 percent, down to 1.65 mills.
School system Comptroller Laura Brock told members of the Fayette County Board of Education last week that the proposed debt service millage would decrease to 1.65 mills, a 52 percent decrease from the current 3.42 mills. The decrease would amount to a savings of approximately $177 on a home valued at $250,000, Brock said.
The reason for the decrease in the bond debt millage is two-fold. A portion is due to the refinancing last year of the 1999 bond, with the other factor coming from the use of a portion of the school system’s 1-cent sales tax revenues, according to Audits & Financial Reporting Coordinator Tom Gray.
The school system’s Maintenance and Operation budget is expected to see $87.8 million in local revenues based on the current 20-mill rate that is not expected to change.