Kings BOE Votes on Bond Tax Rate Reduction
Being fiscally responsible is a goal of the Kings Board of Education and the Kings Local School District. We are always looking for ways to save money. As a way to help save the Kings taxpayer's money, this week at their regular meeting, the Kings Board of Education approved an additional reduction in the debt retirement tax rate effective January 1st. This reduction is made possible due to new residential property development, commercial property that has had a tax incentive removed, and the refunding of existing debt. This past April, the Board also approved a reduction from 4.20 mills to 3.70 mills. The action this week reduced the rate further to 3.50 mills that will begin on January 1, 2021.
By taking advantage of lower interest rates, in January of 2020, the Kings School District issued $14,760,000 in School Improvement Refunding Bonds for the purpose of refunding a portion of the 2013 School Improvement Refunding Bonds. As a result of the refunding, the District decreased its total debt service payments by $1,555,862. By doing so, the debt retirement tax rate reduction will reduce the property taxes of a $250,000 home in the Kings School District by $53 per year.
Since 2018, the Board has been able to reduce the tax rate by a total of 2.30 mills, saving a Kings homeowner approximately $176 per year.
Click here to view the Bond Tax Rate Reduction.
If you have any questions, don't hesitate to reach out to Kings Treasurer, Cary Furniss at cfurniss@kingslocal.net.