District pays off bond debt early, lowers tax bills
August 22, 2016
Forest Hills School District property owners will soon see their tax bills drop when the district pays off the 1996 bond for school improvements in December 2016.
The payoff will come three years ahead of schedule.
In 1996, district voters approved a 2.21 mill bond issue to build Nagel Middle School and a Turpin High School auditorium. The bond was scheduled to be paid off in 2019.
The early pay-off is possible due to strategic and conservative financial management practices. For more than 20 years, the district paid down the debt with TIF revenues.
“In January 2017, the school district portion of tax bills property owners receive will
be approximately 2.5 percent lower,” explained Rick Toepfer, district treasurer.
The estimated annual savings to a landowner is more than $50 per $100,000 home market value.
“The taxpayers will benefit due to Mr. Toepfer’s careful financial planning,” said Scot T. Prebles, superintendent. “Through Rick’s work, the work of his department and continued support from the community, I am confident that Forest Hills will continue to provide a high quality education while maintaining a cost-effective budget.”