BELLINGHAM - Taxpayers in the Bellingham School District will save about $2.4 million in payments, after the district recently refinanced its 2006 bond at a lower rate.
The district can't use the money it will save; instead it will reduce what the district collects in property taxes from homeowners.
The refinance will cut property taxes for district residents by 1 to 8 cents per $1,000 in assessed value, depending on the year, said Ron Cowan, assistant superintendent of finance and operations. That means the owner of a home valued at $200,000 will save $2 to $16 per year on their taxes.
It may not be a big savings for each homeowner, Cowan said, but it adds up to a substantial savings for the community as a whole.
The $67 million bond included construction of new Wade King and Cordata elementary schools, maintenance projects and the modernization of Shuksan Middle School. The only project left on the bond is the rebuild of Birchwood Elementary School, which is scheduled to open for students this fall. The refinance will not affect the length of the bond, which will end in 2023.