St. John property taxpayers won't be getting a break on the Cumulative Capital Development Fund rate in the near future. The town council Wednesday voted to reestablish the CCD Fund at five cents per $100 of assessed valuation.
Clerk-Treasurer Beth Hernandez says it's already at that level, but reestablishing it now makes sure it won't go down in 2023, if net assessed value continues to grow. "If we continue at the same growth that we've seen in 2021 and 2022, which is approximately 10 percent, we would see an extra, roughly, $80,000 in our levy for the year 2023," she told council members.
CCD Fund rates typically go down over time, as the dollar amount generated stays the same, while net assessed value grows — leading local governments to move them back up to the maximum level every so often.
No comments were offered during a public hearing.
