To Forestport Tax Payers:
A number of tax payers have asked what the tax impact would be to them if the $650,000 resolution goes forward, and we obtain bonding for construction of a one lane bridge.
This is to provide people with approximate figures on what the magnitude of tax increase to you, as tax payers would be if this bridge resolution goes forward.
The figures are only preliminary figures based on discussions with a financial organization that issues bonds.
The figures are based on a 20 year bond schedule. A short term 1-year 2% bond note would be issued for the first year, and this note would be converted to 4.00% bond note for the remaining years.
The tax increase the first year would be 13 cents per $1,000 of assessed property value, or $13 on a $100,000 assessed property.
The average yearly tax increase for the remaining years would be 18 cents per $1,000 of assessed property value, or $18 on a $100,000 assessed property.
Bill Karn, Forestport Resident
