By my calculation, we're looking at the equivalent of a 30% increase in property taxes. Here's why: The annual payment on a 20 year loan (typical for a bond issue) at 3% is roughly $360,000. Revenue from property taxes is budgeted at $1,177,500 in 2014. If you take $360,000 over $1,177,500, then you have a 30% increase in property taxes. Where are they going to come up with that kind of scratch?
I can't find anything about this online. No finance committee minutes and evidence of any discussion at borough council until very recently. And even then it's just a weird agenda item. We shift even know what this covers other than the library.
By my calculation, we're looking at the equivalent of a 30% increase in property taxes. Here's why: The annual payment on a 20 year loan (typical for a bond issue) at 3% is roughly $360,000. Revenue from property taxes is budgeted at $1,177,500 in 2014. If you take $360,000 over $1,177,500, then you have a 30% increase in property taxes. Where are they going to come up with that kind of scratch?
ReplyDeleteI can't find anything about this online. No finance committee minutes and evidence of any discussion at borough council until very recently. And even then it's just a weird agenda item. We shift even know what this covers other than the library.
ReplyDelete