We attended the Concord Township Trustee meeting tonight. We expected to hear that the Trustees had done their due diligence and had a magic answer to the vexing problem of how to pay for needed fire stations without having Concord seniors having to leave Concord because of escalating property taxes.
Alas, it was not meant to be! A resolution was passed to place a bond levy on the November, 2019 ballot. It will be a .83 mill levy for 28 years…..that’s right it is not a typo, 28 years. They are intent on building two fire stations.
Fire Station #1 will be in the current parking lot adjacent to the town hall, and will replace the current station on Rt. 608.
Fire Station #2 will replace the current station on Prouty Road. They also currently use the house adjacent to the fire station as their administration building.
The current fire station #1 is approximately 6,000 square feet. The new building will be 25,000 square feet, currently estimated to cost $10 million to build with $5 million in finance cost for a whopping $15 million!……and we thought Morley Library was the only Taj Mahal in Lake County.
They plan is to use the JEDD, and TIF funds for for Fire Station #2, and the Bond Levy should pay for Fire Station #1.
So how much will .83 mills cost the Concord homeowners?
Remember one mill equals $35.00 per $100,000 of market valuation, therefore $35.00 x .83 mills equals $29.05 per $100,000 of market valuation. Let’s assume that the average home in Concord has a market value of $300,000….that means on average the out of pocket cost will be $87.15 per year, [$29.05 x 3]
However, the Housing Affordability Threshold calculation says that you will need to earn at least $290.50 additional per year to pay for the tax, or you will be moving closing to the 30% threshold that we have mentioned numerous times before.
Keep in mind that the Riverside school district is waiting their turn at the trough, and will be looking to build a new high school for a tidy sum of $100,000 million dollars next year.