A fund used to pay for some capital improvement projects could be re-established at a higher level as a result of approval of the Crothersville Town Council at their regular meeting last Tuesday.
The current Cumulative Capital Development property tax rate inside the town limits is just over a penny at .0136 cents per $100 of assessed valuation. The town wants to re-establish that rate at a nickel, the rate it was originally.
“Your current rate will bring in $9,000 in 2021,” said Reuben Cummings of Government Finance Consultants, the town’s tax finance advisor. “By re-establishing that rate to it’s original 5¢ will generate $33,000 annually for town improvement projects.”
Unspent funds raised can be allowed to accumulate from year to year.
Cummings said that the increased tax rate would cost about a dollar a month for residential properties assessed at $100,000.
The council unanimously approved holding a public hearing on the matter at the March 2 town council meeting.
In other business, the council held a hearing with the Unsafe Building Board and approved moving forward with razing derelict properties at 301 E. Main Street and 105 Marshall Drive pending court approval.
Cost of razing the structures has been approved art $5,800 each.
The council opted to delay any action of replacing a culvert in front of the Marathon station at 417 S. Armstrong pending a signed permit from INDOT.
