Briefing on bonds
The High Point City Council will get together today at 4 p.m. to continue their discussion of how to pay for $73.65 million in bonds approved last November by voters.
At a meeting earlier this month, council members were presented with two options: one tax hike next year or smaller increases over three years.
The first option would raise taxes 3.9 cents per $100 of assessed value next year. For the owner of a $150,000 home, that would add $58.50 to their tax bill.
The second option would raise taxes a total of 5.1 cents per $100 of assessed value from fiscal 2007 through fiscal 2009. That plan would add $76.50 to the tax bill of the owner of a $150,000 home.
Increasing taxes upfront would cost taxpayers less because the city could invest the money and accumulate interest to offset the cost of issuing the bonds.
All the voter-approved bond projects are scheduled for completion by the end of June 2009.
I'll have a full report in tomorrow's paper and online about their discussions.