(September 14, 2018) At its monthly board meeting on September 11, 2018, the Capital Area REALTORS® (CAR) unanimously voted to support the proposed one percent Sangamon County School Facility Sales Tax referendum. CAR recognizes the need for our local school districts to remain competitive without increasing the property tax burden on homeowners and supports the County School Facility Sales Tax as an alternative tax.
The revenue generated from this proposed tax may only be used by county school districts to maintain and improve school facilities or to make payments on existing bond debt. The sales tax is a retail tax but does not tax groceries, medicines, cars, boats, and other licensed vehicles, farm equipment, parts and inputs.
Counties surrounding Sangamon that have already passed a county school facility tax include Mason, Christian, Greene, Logan, Macon, Macoupin, Montgomery, Morgan and Cass. Menard County will have a school facilities tax referendum on their November ballot.
“Revenue generated from the proposed tax would not only generate funds from local county residents, but more importantly it would generate funds from the population traveling to Springfield and through Sangamon County”, said Ed Mahoney, president of the organization and broker associate with RE/MAX Professionals.
According to Mahoney, homeowners may benefit if school districts abate or decrease existing property taxes by using the proposed sales tax funds to pay off outstanding building bonds or debt incurred for past school facility needs. Additionally, districts may avoid levying new property taxes to fund future projects with added revenue generated from the proposed Sangamon County Schools Facility Sales Tax, once again benefiting homeowners.
“Everyone should be concerned about the state of our schools, not just families with children. As REALTORS®, we repeatedly see a strong consumer demand for good schools. Demand drives prices higher for a limited product like real estate which means an increase in property values,” said Mahoney.
“Investing in school improvements and construction in Sangamon County has the potential to boost our local economy. Many projects funded by this sales tax will put people to work across Sangamon County. Local contractors and businesses through competitive bids and prices will benefit as sales tax revenues are used for approved facility projects. Excellent school systems with quality facilities and learning environments are a key ingredient in attracting families to live within our county,” said Mahoney.
The Capital Area REALTORS® is the Voice for Real Estate in the Capital Area representing more than 700 members involved in all aspects of the residential and commercial real estate industry. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com.