Despite some concern expressed by residents and business owners regarding higher taxes in Boone Township, the School Board approved a general fund referendum.
The property tax increase of 0.2338 cents per $100 of assessed valuation would raise $530,000 per year for seven years. A resident whose property is valued at $144,600 would pay an additional $144 more per year, school officials said. A resident whose property was valued at $200,000 would pay an additional $228 more per year.
The referendum will be on the ballot in May. If approved by taxpayers, the Metropolitan School District of Boone Township would not see any money until June 2014.
School officials say the general fund referendum will be in effect for seven years, raising $530,000 each year from 2014 through 2020.
School Board President David Molchan read the resolution to a packed board room Tuesday night.
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