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The Metro District is supported by property taxes and by fees paid by users of the District's services, including Tap Fees for new connections to the water and sewer system.
Due
to improving financial circumstances, The Metro District Board was
able this year to reduce the debt service mill levy for 2002 from
46 mills to 30 mills. The Operations and Maintenance mill levy stayed
the same at 18 mills.
What
does this mean for you as a homeowner? An illustration of your
tax savings follows, using "Home A" as an example:
Home
A is worth $300,000 and has a taxable value of $28,200. (Value x
9.4%-an amount set by the state).
The
old mill levy of 64 mills would tax that at 6.4%. (28,200 x .064)
Home A's owner last year paid $1805.00 in taxes.
Under
the new levy, the taxable value of $28,200 would be taxed at only
4.8% (30 mills plus 18 mills= 48 mills) - 28,200 X 4.8% = $1353.00
The difference between paid taxes last year and the new levy is
a tax savings of $452.00.
Bonds
The District has the financial responsibility to pay off the Bonds
that were sold to finance the water, sewer, and storm drainage facilities
to CPN. On November, 1999 the District completed refinancing of
the CPN District's Bonds, lowering the bond's interest rate from
8.55% to a variable rate (currently 5.6%).
Meetings
The Metro District typically meets on the third Monday of each month
at 7:00 p.m., at the CPN Community Center. Dates and times have
varied. Please confirm the meeting time with the District
Manager.
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