§ 1203 Memorial District Bond Tax

• •The board must set up the tax every year when they calculate county taxes.
• •The tax is collected by the county tax collector.
• •The money collected is only for paying the principal and interest on the district’s bonds.
• •The tax stays in place until every bond is completely paid off.

A family lives in the district and gets their property tax bill each year. Part of that bill includes an extra amount called the memorial district bond retirement tax.

That extra amount goes straight to paying off the district’s borrowed money (the bonds) and the interest on it, and the tax will stay on the bill every year until the district has paid off all that debt.