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What the school tax would cost the typical homeowner

It is important to note that the McCreary County School District will not be able to collect 100% of taxes owed, so revenue numbers are estimates only. Due to uncollectable taxes, homestead and disability exemptions and cost of collections, the District estimates only an additional $256,000 in revenue from the nickel tax for the coming year. In actuality 5.8¢ is added due to the uncollectable taxes.
If the nickel tax is implemented, the McCreary County School District will receive equalization funds from the state as long as the tax is active (or as state funding remains). The funding amount may vary from year to year based on a per pupil assessment from the state.
Districts have the option to rescind the tax once the bonding for projects initiated from the tax revenue is paid off.
All revenue generated from the added nickel must be spent on construction and renovation, as well as bond payments from said projects. Under state law it can not be used for salaries or other costs.

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