Here’s news you don’t see every day. Property Taxes going DOWN in Belgrade after the Belgrade School District refinanced four bonds – saving taxpayers over a half Million cool ones. Nice!
Belgrade Schools refinance bonds
Hannah Stiff, Staff Writer
Property owners in Belgrade will save a bit of money on taxes paid to the schools because the district refinanced a group of outstanding bonds at a better interest rate.
The Belgrade School District refinanced four bonds, saving taxpayers $625,323.54 over the life of the bonds.
“This savings will reduce the property tax burden on the Belgrade tax payers,” District Clerk Jay Bates said.
The Belgrade School Board decided earlier this month to work with D.A. Davidson to refinance the outstanding bonds at a lower interest rate.
Four bonds were refinanced, two from the elementary school bonds, one from 2005, the other from 2009 and two from the high school in 2004 and 2005. The two elementary district bonds will save taxpayers $410,437.64 while the high school bonds will net the district $214,885.90. Bates said bonds are rarely refinanced.
Belgrade taxpayers will start to see savings in about four to six months, Bates said. It is difficult to calculate how much savings each household can expect, but savings is based on the taxable value of a house, not retail value.