How often have you seen a school board cut it homeowners’ taxes?
Harris Banker Eric Anderson summarized for District 158 officials how the re-funding of $6.5 million of building bonds would save the average taxpayer of a $250,000 home, $100 next year.
“It’s like re-financing a mortgage,” explained Board Member Larry Snow. “The interest rate on the new bonds will be 4.7%, replacing the current interest rate of 6.592%. Not only do we save interest on the bonds, but when there are twice as many people to repay them in 2025—when there is a lump sum payment–the share that current homeowners will pay will be dramatically less.”
Additional tax cuts are expected next month when the Huntley School Board considers re-financing another $6 million in bonds.
“This and next month’s re-funding will end up saving current taxpayers over $500 over the life of the bonds,” Snow said.