From the Johnson County Daily Journal:
Your property tax bill could go down when Greenwood pays off debt on government buildings next year, but the city is considering replacing it with new debt for a pool, city building or some other project.
Taxpayers could begin paying off a new loan that could be used to fund a new pool, fire trucks or some other project that’s yet to be determined. City officials are considering plans to expand the city’s debt after they finish paying off a $7.7 million loan on the community center, police station and fire department headquarters next year.
The city has been paying for those buildings for the past two decades. The owner of a $150,000 home currently pays about $11.75 in property taxes a year for debt on the Surina Square complex of government buildings, according to figures provided by the Indiana Department of Local Government Finance.
Greenwood would have to borrow money for one or more new projects and continue to make the same annual debt payments of about $735,000 in order to keep charging the same property tax rate for debt.
The Greenwood City Council would have to approve by year’s end any loan for new city projects, so the city could start paying a new loan next year, when it no longer will make payments on Surina Square, city attorney Krista Taggart said.
http://www.dailyjournal.net/view/local_story/City-weighs-more-debt-_1342578836/
