(Beaver Dam) It will cost the owner of a $100-thousand-dollar home in Beaver Dam around five dollars each year for ten years for the downtown revitalization efforts undertaken in 2018. That is according to City Finance Director John Somers who says the mill rate impact for 2018 downtown revitalization is just under a nickel at four-point-seven-seven (4.77) cents-per-one-thousand dollars of assessed value.
WBEV-WXRO/DailyDodge.com requested the numbers as a recall petition against the mayor is being circulated sparked by her downtown revitalization plan and also at a time when the city has decided for the first time to vote on borrowing for the upcoming year before the next budget is adopted. Our last report on the tax impact was in February and was based on a higher number than was eventually borrowed by city officials in March.
The council operates under a self-imposed borrowing cap of $1.6-million dollars. A plan to exceed the revenue cap and instead borrow $3.7-million dollars was debated but a late-hour compromise reduced the final amount borrowed in March to $2.8-million.
The original request for the downtown revitalization funding component was for $1.4-million dollars. The downtown borrowing was instead reduced to $550-thousand dollars, resulting in the $4-dollar-and-77-cent ($4.77) annual tax impact. The final total for 2018 revitalization over ten years, when added up, is $47-dollars-and-70-cents ($47.70).
The road repair portion of the borrowing plan remained intact at roughly $1.9-million dollars. That results in an annual tax impact of $15.22, meaning the owner of a $100-thousand-dollar property will pay $152-dollars and 20-cents ($152.20) over ten years for the city roads that were fixed in 2018.
Equipment and vehicle purchases for 2018 will cost Beaver Dam taxpayers $2.84 cents, for a ten-year total of $28-dollars-and-40-cents ($28.40).
The city finance director says the amount paid each year over ten years – like for example the $4.77 being paid this year for downtown revitalization – will not vary much from year-to-year for a homeowner whose property value change is consistent with the average change in property value each year through 2027. Beaver Dam city officials will begin budget deliberations in committee next week.