Tax Implications of the Referendum

Since the newsletter, with a front page article on the referendum, arrived in homes, the most frequently asked question I have received is: What will it cost me?

Here’s the answer:

Use this table and your most recent tax bill for the most accurate estimate.

Things to remember:

• Property taxes are paid in the following year – so Tax Year 2007 was paid in
2008.

• Equalized assessed valuation is about 1/3 of the actual value, minus the
homeowners exemption if it is your primary residence.

• The ballot question shows 0.1926 as the increase amount. The Library’s tax
rate will decrease 0.0120 in 2010 when the bonds on the existing building
are paid off. The net increase for this referendum will be 0.1806.

A special edition of the Library’s newsletter will be arriving in home in a week or two. This newsletter also contains a simple table for finding your estimated cost.

Questions? Just call!