Photo: 401K 2012 (Flickr)
Depending on a decision from state officials, Ellettsville residents may have to pay a property tax of up to 5 cents for every $100 dollars of assessed property value. The previous rate was 3 cents per $100.
Town Council President Scott Oldham says the additional revenue is necessary because the current fund is unsustainable.
“Those monies have to come out of the general fund of the budget which in turn now impacts other areas in potentially services to be rendered or in worst case scenarios the employment of the current workforce,” Oldham says.
The Cumulative Capital Development Fund’s rates have gone down since 2002 as assessed value on property has gone up. Money diverted to the fund may only be used to improve, maintain, or build public infrastructure or equipment. Only two Ellettsville residents attended the hearing and both declined to comment on the council’s decision.