How much might the Town lose if the Norowal site is no longer on the tax rolls as a private enterprise?
A. $12,000 School Tax $ 4,000 County Tax $ 1,500 Town Tax An increase in the tax rate will not be needed to meet this loss of revenue, however, if the property tax rate was increased to make up for the tax loss it would cost the owner of a $500,000 property less than $10.00 per year. Also, a local development corporation although tax exempt may still pay its fair share to the municipality as a payment in lieu of tax thereby sustaining the revenue stream to all taxing authorities.
