GARNETT — Because of low interest rates and high insurance costs, millions of local tax dollars will be shipped out of the county to be held temporarily at a state bank. The Anderson County Review reported that when the county treasurer’s office collects the second half of property taxes in may, that money will be shipped out of the county to a state bank temporarily until the money is disbursed to local governmental entities. The money is held at the bank for a short time, typically less than a month, before it is paid out. Anderson County treasurer Dena McDaniel said in past years, the money was held at local banks until it was disbursed but recent changes in the economy and banking means it actually costs local banks to keep the money. Because of low interest rates, local banks don’t make enough money to pay fees to the FDIC to guarantee the money, she said.
Monday, March 21, 11 a.m.
