Residents in Indian River School District will see a reduction of 5 cents in their property tax rate for the fiscal year of 2015.
Last night the Indian River Board of Education voted to cut the rate from $2.74 cents per $100 of assessed property value to $2.69 cents.
Most of the decrease came from a reduction in the debt service.
The District says that while it was required to sell bonds to fund the costs of building expansion that was offset by paying off bonds from construction projects in the mid-1990’s.
