Decatur revises tax numbers with 25-year plan

Decatur’s school board got a little better tax news during a Monday work session/special session further examining the ramifications of an $82 million General Obligation Bond for schools’ renovation and new construction. Initial projections showed the millage rate jumping to 4.84 with the bond, which the board’s hoping to get on the November ballot. But that figure was based on a 20-year amortization.

Using revised formulas and extending the potential loan over 25 years, CPA and special consultant Dianne McNabb showed the millage increasing to only 2.98 by 2017. That means taxes on an $150,000 home would cost $223.24 annually, on a $300,000 home $446.48, on, a $500,000 home $744.13 and on a $700,000 home $1,041.79.