S.P. School district sees decrease in corporate levy 7/11/2014

Published 12:00 am Friday, July 11, 2014

S.P. School district sees decrease in corporate levy

By Rupert Howell

Panola supervisors confirmed Monday that South Panola School District’s budget would receive less from GE Aviation’s approximate $258 million assessment than in the past although the corporation will pay approximately 1.6 percent more for payment in lieu of taxes.

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That information came when Tax Collector/Assessor David Garner reported to the board at their Monday meeting in Sardis.

That doesn’t mean South Panola won’t get their budget completely funded, but it means the difference will come from other taxable property such as real property and car tags.

According to school trustee Lygunnah Bean who was present during Monday’s supervisors meeting, South Panola received  levy on $69 million prior to the lieu tax that will allow them to  levy tax on only $33 million, or less than half of last year’s taxable amount.

The county will also receive payment in lieu, but that money will be diverted toward payment of a note used to construct the facility, a part of the package assembled at the state level to lure industry to Mississippi.

The decrease in taxable property there comes after the school district and county lost LS Power’s taxable assets of of over $200 million, when it was purchased by South Mississippi Electric Power Association who has tax exempt status due to it being a rural power distributor.