BLOOMFIELD — The Bloomfield School District is taking steps to refinance about $14 million in bonds to yield a slightly lower property tax rate.
The district's board of education approved a resolution on Tuesday to allow Casey Financial Consulting to start selling $13.8 million in general obligation refunding bonds at a public sale.
Selling the new set of bonds will benefit the district by reducing the principal and the interest due over the life of the bonds, said the district's director of finance and operation, Gary Giron, during July's board meeting.
Giron said savings from the refinancing of the bonds will benefit homeowners who live in the school district's boundaries because the move will slightly lower the property tax rate.
Savings could range from $900,000 to more than $1 million, depending on how the sale goes, said Charles Casey, owner of Casey Financial Accounting.
"The savings achieved from the refunding of the bonds will lower the tax rate from what it would otherwise would be," Casey said.
Casey said the bond sale, combined with the improved price of natural gas, could cause in the current tax rate of $9.005 per $1,000 net taxable value of a home to drop to $7.337.
"This means that a taxpayer with a property valued at $150,000 will see a reduction in their property taxes of about $83," Casey said. "This reduction is largely due to the improved price of natural gas and its impact on the district's tax base."
The final savings amount will be presented to the board of education on Sept. 9 after Casey Financial Consulting has accepted bids on the bonds. The sale will take place after the board approves the bids.