From the Northwest Indiana Times:
"City officials have begun discussions on increasing the tax rate to boost the cumulative capital development fund.
The Portage City Council's Ordinance Committee referred a proposed ordinance Tuesday to the full council for discussion at its March 6 meeting. The ordinance would increase the present rate of 2 cents per $100 assessed valuation to 5 cents, the state-set maximum level.
The city uses the cumulative capital development fund to buy equipment for the Fire and Police departments. However, the proposed ordinance also states the money can be used for public buildings, infrastructure, parks and other purposes.
...
The proposal would increase property taxes for homes valued at $100,000 by $9.19 per year and by $18.31 for homes valued at $150,000 a year.
However, those owning homes valued at about $160,000 per year or more would not see an increase in their property tax, Stidham said.
Homes at that value already have hit the property tax cap limit and would not be affected by the proposed tax rate increase, he said."
Read more: http://www.nwitimes.com/news/local/porter/portage/portage-considers-raising-tax-rate-to-boost-city-fund/article_eb5e907a-fe6c-5b23-a04b-44d90c8337ed.html#ixzz1nPK5fJgk
