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South Washington County Schools bond refinancing to lower tax bills

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education Cottage Grove, 55016

Cottage Grove Minnesota 7584 80th Street South 55016

School District 833 property taxpayers are expected to chip in less to pay back district-borrowed funds over the next three years.

The School Board on Thursday approved the refinancing of bonds totaling $6.46 million that will result in a savings of over $364,000, administrators said. The district cannot spend that money on other programs; state law requires that the savings be used to reduce taxes paid by property owners in the district.

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Lower interest rates gained through refinancing will reduce the annual levy for 2012 to 2014 by an average of $123,000. It was not immediately known what savings that would result in for an individual homeowner.

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