From the Brazil Times:
City of Brazil residents may see tax rates and property taxes increase in the next few years.
At the October regular meeting of the Clay County Redevelopment Commission, the commission approved the form of a lease agreement that would allow a Redevelopment Authority appointed by the city to purchase a $2.6 million bond for a special road-repaving project.
Jason G. Semler, a representative with H.J. Umbaugh and Associates, calculated the impact acquiring the bond would have on taxpayers. Semler said homeowners are currently paying $441 annually in property taxes on residences assessed at $100,000. In 2014, residents can expect to pay $462 annually per $100,000 assessed value and by 2015 $474 per $100,000 assessed value. For commercial properties, the taxes are higher, Semler said, as they don't merit some of the exemptions homeowners receive.
He added the current tax rate for the city of Brazil and Brazil Township is $2.82. With the new debt and keeping everything else constant except the new levy, the tax rate is projected to increase to $2.92 in 2014.
The commission approved Resolution 10 -2013 which approved the form of a lease between the Redevelopment Authority and the Redevelopment Commission to finance the special road project. The Redevelopment Authority was established by the city to oversee the road project. At a special meeting in October, Brazil City Mayor Brian Wyndham said the city needed "to think outside the box" to fund the project. Selmer said the project is being funded this way due to the city being too close to its debt ceiling. Originally, the city proposed a $4 million bond to fund the project.
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http://www.thebraziltimes.com/story/2015399.html
