Sales tax question going to voters
The Waterloo School Board on Monday night voted unanimously in favor of placing a resolution seeking a one percent sales tax on March 15 election ballots.
Now, it is up to the voters to decide on the proposed tax.
This facility sales tax, if approved, would be placed on tangible items, not on property or items registered with an agency of the government of the state of Illinois.
The tax, if passed, can be used to help Waterloo and other public schools in Monroe County improve facilities or pay off existing debt.
Currently, property taxes are used to pay for that existing debt. The potential tax could provide another source to pay off debt without having to increase property taxes in the near future. It should be stressed that it depends on where the equalized assessed value in Monroe County goes, school officials said.
The way the Waterloo School District’s debt is structured, interest rates rise over time, in turn, causing the district’s payments to increase. If payments keep increasing while the EAV does not…>>>
Read the rest of this story in the August 19 issue of the Republic-Times. If you don’t already receive the paper, you can subscribe by calling 939-3814 or clicking here, or pick up a copy at any of these locations.