Latest news with #BullochCountyBoardofEducation
Yahoo
15-03-2025
- Business
- Yahoo
Bulloch County Schools opt for $1 million in homeowner tax savings
STATESBORO, Ga. (WSAV) — The Bulloch County Board of Education has chosen to forgo more than $1 million in potential revenue, opting instead to keep money in the pockets of homeowners. The district is one of 34 in Georgia making this decision under the state's homestead exemption rule. School leaders said the decision means significant savings for residents who own and live in their homes, though the exact amounts won't be known until tax assessments are finalized. 'It's gonna reduce what the school district collects from people by $1 million, so whether that is $50 for you or $10 for me, we'll find out,' Superintendent Charles Wilson said. House Bill 581 prevents market value assessments from increasing property taxes. Instead, the state will set an annual inflation percentage that counties will use to determine property taxes on primary residences. 'We realize this could impact us and our tax collections, and we'll have to figure all that out later,' Wilson said. 'But their first priority in this was to pay attention to how primary residential homeowners were being impacted by double-digit reevaluation inflation.' Wilson emphasized that while the decision affects the school system's operational budget, everything else is paid for by property taxes. 'I always do encourage shopping locally because it's impacting our operations, it's impacting our ability to build schools, and it's impacting the ability for the county to do things,' Wilson said. Wilson said the area's industrial growth could serve as a financial cushion. He said even if companies receive tax incentives to build here, they must pay a Payment in Lieu of Taxes (PILOT) fee that supports the school district. 'Our development authority did step forward to make sure that Bulloch County schools got the tax collections on those industries, so that's a big boom for us,' Wilson said. Wilson added that no major cuts to school programs are expected. The construction of the new Southeast Bulloch High School will also continue as planned, as those funds come from sales taxes. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-03-2025
- Business
- Yahoo
Bulloch County BOE district says yes to new homestead exemption
STATESBORO, Ga. (WSAV) – Bulloch County taxpayers who own a primary residence there should see stabilization in their annual tax bills after the Bulloch County Board of Education decided to allow a new statewide property tax exemption to take effect. The school district's preliminary estimates indicate that it will save local homeowners more than $1 million annually in property taxes. Under Georgia House Bill 581, known as the 'Property Tax Relief and Reform for Georgians,' a statewide homestead exemption limits property tax increases to a state-established inflation factor. Local governments, including school districts, had the option to opt out of the exemption by March 1, 2025. However, the Bulloch County Board of Education chose to take no action, which means that the exemption will automatically go into effect and benefit homeowners who pay taxes on their primary residence. Bulloch County is among approximately 34 school districts across Georgia that have chosen not to opt out of the exemption. 'Our district will continue to monitor its financial outlook as the exemption takes effect,' said Charles Wilson, superintendent of schools. 'We currently have the financial capacity to allow this exemption to take effect and serve its intended purpose, while evaluating its longer-term effect for future budget considerations. We remain committed to being a good steward of the community's resources while providing a quality education for our students.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
