Property owners would see their tax bills increase by no more than 2.08 cents for every $100 in assessed valuation if a proposed increase in the cumulative capital development fund levy is approved.
The Boone County Commissioners Monday, June 2, voted 3-0 to adopt a resolution that would allow the Boone County Council to increase the levy, to no more than 3.33 cents per $100 AV, if the council determines the action is necessary. The CCD levy can be used for major equipment purchases, building maintenance and other expenses.
The CCD rate is now .0125, or 1.25 cents, Boone County Auditor Deanna Willhoite said. The total county rate is 21.79 cents per $100 net AV. While it's difficult to generalize, because exemptions vary, the tax bill for a property with a net assessed valuation of $100,000 would go up by $7.43 a year if the county adopts the maximum CCD levy of 3.33 cents, Willhoite said.
A public hearing on the proposed increase will be held during the commissioners' next meeting, on June 16. There is a 30-day remonstrance period in which objections to the proposed increase can be recorded.
See Wednesday's Times Sentinel for the full story.