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Old 05-15-2023, 12:03 PM   #380
longislander
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Present tax rate is $4.78/$1,000 of assessment of which $1.25/$1,000 is municipal, only. County, Local Ed. , and State Ed. comprise the other three parts of total town tax
Then, depending on which year of a 15 or 20 or 30 year bond the increase will add to municipal.
The original bond used by the Hub proponents was a 20 year level principal bond at 5.5% interest. The fiscal year estimated tax rate increase ranged from .33 to .17 over the 20 years decreasing accordingly. The first year was .08 but the first year was interest only, and did not include the $775,000 annual principal payments. Total 20 annual payments would be $24,412,500.

Present tax rate is $4.78/$1,000 or $.00478 = annual tax
$200,000 x $.00478 = $956
$300,000 x $.00478 = $1,440
$500,000 x $.00478 = $2,390
$1,000,000 x $.00478 = $4,780

Then,
Using .25 as an increase:
$4.78/$1,000 + $.25/$1,000 = $5.03/$1,000 or $.00503

Assessment x Municipal tax rate = tax
$200,000 x $.00503 = $1,006
$300,000 x $.00503 = $1,509
$500,000 x $.00503 = $2,515
$1,000,0000 x $.00503 = $5,030

Assessment; new rate minus present rate = increase
$200,000 ; $1,006 minus $956 = $50 tax increase for that year
$300,000 ; $1,509 minus $1,440 = $69 tax increase for that year
$500,000; $2,515 minus $2,390 = $125 tax increase for that year
$1,000,000; $5,030 minus $4,780 = $250 tax increase for that year

Tax bills sent out semi annually.

Operating cost are not fixed, as is the bond. Extreme caution for operating cost.
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