|Northwood schools to try combined tax plan|
|Written by MARIE THOMAS/Sentinel Education Editor|
|Wednesday, 10 July 2013 20:09|
NORTHWOOD — The Northwood Board of Education has decided to try a combined earned income tax and property millage request to fund a new school.
At tonight’s meeting, the board voted 4-0 to ask the Wood County Auditor’s Office to determine the amount of the income tax and property tax needed for the project.
Superintendent Greg Clark said administrators have estimated the earned income tax needed would be 0.25 percent, which would collect $225,876 each year; and the property tax would be 4.9 mills to generate $11.7 million over its 37-year term.
But Clark cautioned those figures might change since his staff based estimates prior to the new state budget bill that eliminates rollbacks on levies passed in November.
No site has yet been selected for the new PK-12 building, but Clark hopes to have that in place before the Nov. 5 vote.
The estimated cost of the new school is $33.02 million, with the state’s Ohio School Facilities Commission paying for $11.55 million, or 35 percent, and Northwood paying the $21.46 million balance.
The district also will use income from payment-in-lieu-of-taxes agreements from FedEx and Johnson Controls to cover the balance, Clark said.
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