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District 191 tax levy will decrease in 2017

The annual operating levy will decline by about 2.4%  in Burnsville-Eagan-Savage School District 191 next year primarily because debt has been refinanced to lower interest rates.

The District 191 Board of Education has taken advantage of lower interest rates to refinance eligible bonds recently. This is similar to when homeowners refinance their mortgages to lower interest rates thus lowering their payments.   

Levy could decrease slightly due to refinanced bonds

The annual operating levy could decline slightly in Burnsville-Eagan-Savage School District 191 primarily because debt has been refinanced to lower interest rates.

The preliminary annual operating levy approved by the Board on Sept. 29 would raise about $38.3 million for the 2017-18 school year, about $644,000 less than the current year’s levy.

By Dec. 31, the school board must approve a final property tax levy which is the first step in the budgeting process for the 2017-18 school year.