What are the property tax rate implications of these bonds?

According to the Town’s financial forecast, if the bond proposal is approved and is issued as currently anticipated in two phases, the Town estimates that the property tax rate may increase by 1 cent as a result of the bonds starting in FY20. However, many factors influence if and how much the tax rate might change, such as future interest rates and timing regarding exactly when the bonds are issued. Additionally, revenue and expenditure changes, legislative changes and operational decisions will impact the Town’s tax rate in future years regardless of whether the bonds are approved.

View the chart below to see what a penny increase at the Town’s current tax rate would cost based on different property values.

Property Value    Cost per Month    Cost per Year

$150,000                  $1.25                          $15.00

$300,000                  $2.50                          $30.00

$450,000                  $3.75                          $45.00

$600,000                  $5.00                          $60.00

Show All Answers

1. What is a bond referendum?
2. For what purpose will the bond funds be used?
3. How much will the Town issue in bonds?
4. Why doesn’t the Town just use cash or pay-as-you-go financing instead of bond debt to pay for these projects?
5. What is the value of one penny on the tax rate?
6. How will the Town pay back the bonds?
7. What are the property tax rate implications of these bonds?
8. What happens if the bond proposal doesn't pass in November?
9. If voters don’t approve the bonds, does this mean that the Town Board will be prevented from raising property tax rates in the future?
10. If these bonds are approved by the voters, how will the additional debt be viewed by bond raters in light of Cornelius’ existing debt?
11. If the bond referendum is approved, how quickly could the projects begin?
12. Where can I obtain additional information?