Northwood board of education OKs tax proposal for new school building
2/3/2014Voters will be asked May 6 to reconsider the same combined property tax/income tax hike for a new school building they narrowly rejected in November.
The Board of Education last week unanimously adopted the amounts, received from the Wood County Auditor, for funding the building project. The requested millage will be 4.9 mills, the same as it was in November. The earned income tax also will be the same — 0.25 percent — and not apply to pensions, Social Security, and/or investment income.
The owner of a $100,000 home with an annual income of $50,000 would pay about $300 a year in additional tax. The entire proposed tax increase would raise about $869,000 each year.
The earned income tax component would be permanent, while the property tax would expire in 37 years.
If voters adopt the measure, the Ohio School Facilities Commission will pay $11.5 million, or about 35 percent of the cost of the new building, which would house students in prekindergarten through 12th grades on Lemoyne Road.