The Bellevue School Board voted last month to save taxpayers money by refinancing a portion of the district’s bonds to take advantage of lower interest rates.
The board authorized the issuance of $95.3 million in refunding bonds at a July 22 special meeting, saving taxpayers a total of $9.7 million through reduced levies in the future.
The savings will not be available for district expenses.
The owner of a $600,000 home in Bellevue will save approximately $12 off their property tax bill for each of the next 10 years.
The district says that recent low interest rates have allowed the school system to exceed its savings targets. Interest rates for old bonds averaged around 4.99 percent, while interest rates for new bonds have averaged around 2.44 percent.
The financed bonds were originally issued in 1998 and 2002.
