The tax implication per $100 of assessed value of both real and personal property is:
Greenways and Trails Bonds = $4 million = 1.43 cents
Parks and Recreational Bonds = $2 million = 0.72 cents
Sidewalk Improvement Bonds = $2 million = 0.72 cents
Streetscape and Pedestrian Improvement Bonds = $6.5 million = 2.33 cents
Property Tax Impact
Assuming that voters choose to invest in all four projects, which total $14.5 million – and that the City embarked on all 4 investments at once – the property tax impact could be up to 5.2 cents, or $52 per $100,000 of home value, each year.
Minimize the Tax Impact
However, Council’s intention is to minimize the tax impact on residents. The bond referendum gives the City 7 years to issue bonds for these investments, with the possibility of a 3-year extension.
That means Council has the time and flexibility to carefully plan and implement its long-term vision for Sanford.