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Even if the
Recreation Center is built, Metro District property tax rates will continue
to decline. As shown (Graph
2), the majority of our taxes have been used to pay off the water
and sewer bond debt, and each homeowner's share of this debt will continue
to decline in the future.
As shown
in Graph 3, CPN's
total property taxes have gone from being higher than many other nearby
communities last year, to being "right in the pack." After the
water bonds are paid off, CPN's tax rates will be lower than virtually
all other communities in our area.
As illustrated
in Graph 2, the
remaining portion of Metro District taxes, which support Metro District
operations, and Master Association dues, which support Master Association
operations and funding of new community recreation amenities, would remain
at the same rates that exist today. Projections from the Recreation Center
Feasibility Study show that this funding level would be sufficient to
cover the costs of building and operating the Center.
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Tax
Rates Have Been Declining
In 2002,
as our community was able to reduce each homeowners' Metro District taxes
that were used to pay the old water and sewer bond debt, some of those
savings were shifted to investing in new parks for the community, to be
funded by higher Master Association dues. Even with this shift, the total
of Master Association dues and Metro District taxes together was lower
in 2002 than it had been in prior years. See
Graph 2.
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Master
Association Dues
As noted
in the June issue of The Connection and online,
the Master Association's 2002 dues were set at $216 per year, an increase
from prior years that is earmarked to build the new South Park. If the
Recreation Center is built, no additional Master Association dues would
be required to pay for the Center -- this same dues level would be continued,
with the payments on the recreation center scheduled to start after the
money is collected for the park.
If the recreation
center is not approved, the dues would remain at this level, until necessary
funds are collected to build the park (estimated to be about 2005). Once
the park is done, the board of directors would determine the dues amount
that would be needed to meet community priorities that exist at that time.
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