South Washington County Schools bond refinancing to lower tax bills
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.
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.