School bond rate to cover old construction debt accounts for most of increase; county government revenues down
Madison County tax levying entities will see an overall two-percent increase in revenues from property taxes this year.
The increase is primarily due to the county school system’s issuance of a bond mill rate to cover debt payments on the construction of Danielsville Elementary School in 1993.
According to Madison County Tax Commissioner Louise Watson, the school board’s .826 bond rate will generate $504,649 in tax revenue.
The school system had covered the annual construction payments in recent years with Special Purpose Local Option Sales Tax (SPLOST) money from 2003, but that funding has been depleted.
SPLOST was not available as a financing option for school construction in 1992, so the school board financed the Danielsville Elementary construction with a 20-year bond package, which will expire in 2012.
While a bond rate will be applied to cover old construction costs this year, the school board is keeping its tax rate steady for general maintenance and operation at 16.99 mills, which will result in a $54,000 reduction in revenue.
Meanwhile, the county government will levy $63,000 less in property taxes for 2008. Carlton, Colbert, Danielsville and Ila will also have slight reductions in tax revenues, while the industrial authority and city of Comer will see slight increases.
Taxes going up and yet they still wasting money on new trucks in the zoning office and IDA office!!!! Hard times and they still waste money !!!! What is it going to take for them to stop this wasteful spending ?
I hope the citizens refuse to pay their taxes!!!!