A little more than 300 votes kept a Boone County sales tax referendum from passing. What this means for area school and property tax payers, is not much will change. But Belvidere Schools leaders say property owners lost out on a chance for lower taxes.
"That's going to be the initial impact of it. There is no source of money to make the bond and the interest payments going forward," says Greg Brown, Belvidere Schools Chief Financial Officer.
That does not mean any cuts it just means property owners have the full burden. The Belvidere School Board had pushed for a sales tax increase of one percentage point. It would go to schools in both District 100 and District 200 which is North Boone. Belvidere leaders wanted to use the increase in revenue to help settle a $179 million bond and interest debt from building Belvidere North High School.
"We were hoping to use the sales tax to give property tax relief. We were going to collect the same amount either way," says Brown.
Brown says he does not know if the school board will try again in the spring to pass the sales tax referendum. But he says he is really proud of the effort they all put it.
"We didn't go out and raise money for a referendum campaign. We did a grass roots effort. We went out and went to meeting with one or two people. We went to meeting with 40 or 50 people," says Brown.
The first school board meeting following this vote will be November 19th. Brown expects the board to address the issue there.
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