Dear Community Members of the Archbold Area Local School District,
The Archbold Area Schools is happy to share that, thanks to resolutions passed at the October 21, 2024, board meeting, the district will pay off the bonds from the construction of the high school and elementary school one year early.
We have enough funds to cover the payments due on December 1, 2024, and December 1, 2025, which will fully pay off the district’s debt.
By paying off the debt early, the real estate tax tied to this debt will end one year sooner. This will save the district $9,518.33 in interest and save taxpayers about $97,323 a year, as 0.30 mills will no longer be collected.
Over the years, property taxes for this debt have decreased as property values rose and we paid down the bonds. For example, in 2010, property taxes were reduced by 1.3 mills, and in 2020, by another 1.6 mills. For a home valued at $100,000, these reductions saved homeowners $45.50 and $56.00 per year, respectively.
Community Benefits:
-Earlier Tax Relief: Property owners will see the tax tied to this debt end a year sooner, reducing the overall tax burden.
-District Savings: The district saves over $9,500 in interest payments, which can be redirected to other needs.
-Positive Financial Management: Paying off debt early strengthens the district’s financial position and demonstrates responsible management.
-Future Facility Upgrades: Any remaining funds will be moved to the Permanent Improvement Fund to support future facility upgrades, ensuring our schools remain in good condition.
While the individual amounts may seem small, these savings add up over time and help reduce the tax burden for property owners.
If you have any questions or need more information, please feel free to contact me.
Joyce Kinsman, Treasurer/CFO
ARCHBOLD AREA SCHOOLS