Beaufort County schools to borrow up to $100M after tax delays
Bluffton Today
The Beaufort County Board of Education approved a plan this month to borrow up to $100 million to cover unpaid expenses caused by delayed county tax bills.
In a related motion, the board also voted to pursue legal action with the county to recoup the estimated $300,000-$350,000 in interest the school district will need to pay from the loan.
The county’s 2020 real property tax bills had been delayed for months. In a typical year, county residents receive tax bills by mid-to-late November, with a due date of Jan. 15. The county began issuing 2020 tax bills earlier this month, with a March 31 due date.
The Beaufort County School District is taking out a loan to keep the lights on while they wait on tax funding. That tax money is delayed while the county’s auditor and council are locked in a legal battle.