Lexington One Has Good News for Lexington County Taxpayers

October 7, 2020 | Posted By: Connor Watkins

Lexington One Has Good News for Lexington County Taxpayers

Because of the school district’s strong financial rating, coupled with a favorable market, the district was able to secure an incredibly low interest rate on the bond sales related to the $365 million referendum that was approved by voters in 2018. These savings will allow the school district to keep the millage rate steady this year. 

 

How The Bond Sale Affects Taxpayers

As you may recall, voters passed a $365 million bond referendum in 2018 to fund the building and renovations of schools in Lexington County School District One. As part of that referendum, voters approved a millage rate increase which was expected to result in a 14 mill increase over the course of three years.
 
That increase would have caused school-issued property taxes to increase in 2020 and 2021. But the millage increase is no longer needed because the school district’s strong financial rating, coupled with a favorable market, allowed the district to secure an incredibly low interest rate on the bond sales related to this referendum.
 
These savings allow the school district to keep the millage rate steady. As a result, the school-issued property taxes will remain the same — saving money for taxpayers and the school district while still allowing for improvement of our schools.