The property tax town hall meeting last week was well attended and informative. Grady Miller and Craig Rudolphy answered numerous questions in an unbiased, factual manner that served to dispel confusion and a number of misunderstandings.

Bond funding was clarified in that bonds are not a replacement for the property tax. Bonds can only be used for new construction projects (facilities, roads, sewer systems) and by law not allowed for general operating expenses, maintenance or repair.

In addition to debt service including interest repayments, each bond must be approved by a vote of the property owners. A new bond vote carries legal and administrative overhead costs at initiation of some $50,000 to $100,000.

The primary property tax 2 percent possible escalation was addressed and explained. The increase, if required, applies to the $7 million base tax levy that is distributed proportionally by assessed value over all the town’s properties. A $300,000 limited property value home annual increase could be a maximum of only $9. However, as new homes are added in town the base levy will be spread over more properties, reducing the annual tax.

This cash reflected in the financial report was explained as committed funds designated for capital projects underway. The cash includes the rainy day fund of $2.7 million to be used only for dire emergencies and an unassigned $2 million that is unrestricted.

There were a number of speakers that addressed both sides of the tax initiative. The one obvious omission was alternate suggestions of how to mitigate expenses or increase revenue.