A little tax relief should be coming for Fayette County property owners later this year. The Fayette County School System is currently projecting a decrease in the debt service millage by 1.7 mills for FY 2011, essentially halving the current 3.42 mills.
The main reason for the decrease comes by way of a transfer from the school system’s 1-cent sales tax (SPLOST) and a refinance on the 2001 School Bond along with a reduction in the accompanying interest payments.
School system comptroller Laura Brock told board of education members Tuesday that debt service expenditures due in FY 2011 will total $12.677 million, down from $19.670 million this year.
Also for FY 2011, SPLOST transfers will total $5 million compared to the $3 million for FY 2010.
The debt service millage rate is a separate tax than the school system’s standard millage rate. That rate currently stands at 20 mills, the state maximum.