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Recreation>Recreation Center Ballot Issue>How much will the Center cost and how will it affect my property taxes?
How much will the Center cost and how will it affect my property taxes?
- The proposed bond issue is for 3.5 mills to finance $34,000,000 (or $ 66,495,000 over 20 years)
- For a residential property the monthly tax increase will be approximately $2.75 per $100,000 of assessed value
- For a commercial business the monthly tax increase will be approximately $9.08 per $100,000 of assessed value
- Construction costs are anticipated to be $34,000,000
- Operating subsidies are likely to be approximately $455,500 per year.
- City of Steamboat Springs debt service costs will drop by $600,000 in 2009.
- The way the ballot language is written, our city is only allowed to raise the stated amount of dollars. If that number is divided by 1,000 more homes, the amount we see today will be less as it is a fixed dollar amount. Other outlying neighborhoods are expected to be annexed into the city, which would offset the cost even more into the future
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This page last updated on 9/30/2007.
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