What will be the MSD Property Tax Rate?
At this time the rate has not been determined. Staff has not yet estimated the costs related to the conversion of the identified residential private streets to public streets. See Table 2 for information related to the number of properties, property values, linear feet of Private Street, and the potential revenue related to the MSD at an assumed 10ยข property tax rate per $100 property valuation. Over ten years the town conceivably could collect as much as $2.4 million in revenue to pay the costs associated with converting Residential Private Streets to Public Streets. This approach is based on using the special assessment statute as a guide wherein the town may provide for installment payments with interest for up to ten years for property owners to pay their costs for public improvements on streets and sidewalks (annual MSD tax rate will be set based on forecasted needs as approved by the Town Council).
