Taxpayers in the Pasco School District will see a slightly lower tax rate than expected to pay off the bonds approved in February.
The tax rate will be about 3 cents less per $1,000 in assessed property value, according to a release from the district. That amounts to an annual savings of about $4.50 for a home assessed at $150,000.
The lower tax rate stems from the district receiving its highest credit rating in its history, making the bonds attractive to buyers, district officials said. The bonds were sold early Tuesday morning and will finance the construction of three new schools and a number of other construction projects in the district.
The total cost of the bond also went down from the original $46.8 million approved by voters. The district used residential construction impact fees collected in the city of Pasco to lower it to $45.6 million, a reduction of about $1.25 million.