However, board of education won’t raise M&O millage rate
The Madison County Board of Education must raise approximately $570,000 in property taxes to make its annual bond payment for the construction of Danielsville Elementary School.
The BOE will hold three public hearings on the school bond millage rate, one on Dec. 15 and two on Dec. 22.
The school system still owes money for bonds sold to build Danielsville Elementary School in 1993.
Money left over from the 2003 SPLOST was used to cover last year’s payment and spare property owners a tax increase. But there was no more money remaining in that fund this time around to provide that relief.
“Basically, it ran out this year,” assistant superintendent Bonnie Knight said.
Knight said the school system forewarned taxpayers of this in advertisements last year.
“(We said) We were definitely going to have to do a bond millage next year,” Knight said.
To cover this year’s payment, the BOE plans to levy a .826 mill bond tax to generate the $569,776 dollars needed.
With approximately $1.7 million left to pay, that debt is scheduled to retire in February of 2012.
While a bond rate will be factored into upcoming tax bills, the BOE plans to keep its maintenance and operation rate at 16.99 mills despite a projected loss of $250,000 in revenue due to a dip in the county digest.
Under state tax laws, school leaders could have implemented a half-mill raise this year without taking public input, but will instead use their fund balance money to absorb the lost revenue.
“We’re not going to do that to the taxpayers,” Knight said. “We’re going to leave it at 16.99.”
She added that other school systems weren’t so fortunate.
“We didn’t go up there (on the maintenance and operation mill rate) and a lot of surrounding school district have had to,” Knight said.