The Louisville Board of Education is excited to announce that District taxpayers will soon realize a tax reduction due to a successful bond refunding. The bond refunding is for the 2001 bond that was passed to construct the new middle school and add on to/renovate the high school. By taking advantage of the current market, the District has completed a refunding of the bond that will save the Louisville community $2,210,456 which exceeded early estimates. Treasurer Derek Nottingham stated, “Although the market is quite volatile right now, the timing of this refunding could not have been better; early savings estimates averaged much lower, around $1.5 million, so scoring another $700,000 is certainly a win.”
The county auditor will lower the related millage by the end of the calendar year so that the savings will be realized on tax bills beginning in 2021. “I am so pleased to be able to share this news; at the end of the day, this refunding will lower property taxes by 0.6 mills for all of our taxpayers,” added Superintendent Michele Shaffer. 100% of the savings will go to the community; the District itself will not realize any of the savings.
Board President Frank Antonacci said, “The Board is continuing our efforts to be fiscally responsible to our public. We have a much needed operating levy, Issue 33, on the ballot this November 3, and by successfully completing this bond refunding, we are basically able to net a 6.1 mill impact for property owners when subtracting the 0.6 mill savings from our 6.7 mill ask.”