How much will the Public Safety building increase my taxes?

When the Town borrows money, it must pay back the money that was borrowed (the principal) and interest to the lender. The amount of interest paid back each year is greater at the beginning of the loan and slowly declines over the life of the loan. Therefore average tax liabilities are presented below for each proposed building option. Estimated costs are based on a 20-year loan at a 2% interest rate.

Partially renovate the HEJ building for public safety and build a vehicle bay for the Fire Department (Option 1):

The average loan payment (principal and interest) for the Town each year is $390,300

The average tax increase per $1000 of property assessment each year = $1.20

The average annual tax increase for the Average Single Family House ($279,389) is $336.

Update the HEJ building to stabilize its condition and build a new public safety facility adjacent to the HEJ building (Option 2):

The average loan payment (principal and interest) for the Town each year is $342,300

The average tax increase per $1000 of property assessment each year = $1.05

The average annual tax increase for the Average Single Family House ($279,389) is $295.

Remove the HEJ school and build a new public safety facility in its place (Option 3):

The average loan payment (principal and interest) for the Town each year is $258,620

The average tax increase per $1000 of property assessment each year = $0.78

The average annual tax increase for the Average Single Family House ($279,389) is $223.