Hoover renews 24-mill property tax

Published 2:26 pm Wednesday, April 28, 2010

Citizens of Hoover voted to renew a 24-mill property tax for Hoover City Schools April 27.

According to Hoover officials, 3,690 voted to renew the tax, while 1,338 voted against renewal.

The property tax, which provides funding for the school system, will expire in 2046. Without renewal, it would have expired in 2027.

Hoover Schools Superintendent Andy Craig said he appreciated the show of support from Hoover residents.

“Once again, the citizens of Hoover have shown their support for our school district,” he said. “On behalf of our students and employees, I want to express my heartfelt thanks and appreciation for the outpouring of support shown at the polls on Tuesday.”

Hoover Mayor Tony Petelos said revenues from the renewed tax would help the schools refinance its debt, which is approximately $185 million.

“We were very excited to see the results come in, in overwhelming favor of extending the time frame on this property tax,” Petelos said. “It’s going to help the school system refinance their debt so it’s a lower amount every year, which will help them through these difficult economic times with proration and lower funding.”

The system currently pays $16 million each year on debt. If the debt was refinanced, the system could make lower payments and save money.

The property tax provided $37 million for Hoover City Schools in the last fiscal year. The 24-mill tax is equal to $240 on a $100,000 home.