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COLUMBIA - The Columbia Public School Board held its annual board meeting Thursday to discuss the property tax rate Columbia residents pay.

The board approved an increase in property taxes of two cents for every $100 of assessed value. That means the new rate residents will pay toward Columbia schools is $5.42 for every $100 worth of property. The two cent increase will go toward debt services to pay off bonds used for construction and repair on school buildings. 

Even with the increase, the school board still expects to be short $1,287,392. That money will likely be taken out of reserve funds.