By Jennifer Wheeler
The board gave its approval tonight the “county school facility tax," which would provide another source of revenue to pay off an anticipated $179 million in bond and interest payments owed after fixing and constructing new schools.
The county school facility tax would increase the 6.75 percent sales tax to 7.75 percent. Vehicles, medicine and groceries are exempt.
Tax revenue generated would be used to pay off these bonds by 2025. Without it, the school district must rely on property taxes to pay the debt.
….Without the sales tax, residents who own homes valued at $100,000 are expected to see a property tax increase to $358 in 2013 to $697 in 2019
Of the $2.7 million generated, $2.2 million would go to Belvidere School District
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