Failure to renew the Education Local Option Sales Tax could cause an increase in property taxes. Jackson County School System superintendent April Howard spoke about the ELOST at the board of education’s Jan. 11 meeting.
Citizens will vote on whether to continue ELOST in a March 1 election. Howard said that if the renewal isn’t approved, the district could have to increase its bond millage rate.
The district owes $50 million on a general obligation bond used to fund construction. Without the revenues from ELOST, Howard said the district could need to increase its bond millage rate from 2.7 mills to approximately 7 mills.
“A bond is an obligation,” said Howard.
Howard said if the renewal is approved, $12 million of ELOST revenues would be put towards this bond debt.
Other planned expenses include the construction of a new West Jackson middle school, school renovations, modifications and technology improvements. Howard said that any additional revenues would be used towards a new West Jackson high school.
The current ELOST revenues have been used for the new Jackson County Comprehensive High School gym, expansion of the current West Jackson Elementary School, security entrances, technology, a welding lab at East Jackson Comprehensive High School and to purchase 150 acres for a new West Jackson high school. The district also paid off $10.3 million in bond debt under the current ELOST.
For the full story, see the Jan. 13 edition of The Jackson Herald.