The town of Porter is raising its property tax by 1 cent per $100 of assessed property value for its Cumulative Capital Development Fund.
Council unanimously approved the increase Tuesday for the fund, which finances capital improvements for the town.
Town Clerk-Treasurer Corinne Peffers noted the Town Council was allowed to increase the Cumulative Capital Development Fund portion of the property tax bill to a total of 5 cents per $100 of assessed value. The town has been collecting 4 cents per $100 of assessed value.
The Town Council was permitted under the law to raise the Cumulative Capital Development Fund rate up to 5 cents per $100 of assessed value without going to the voters.
Citizens do have a right to file for a petition for remonstrance 30 days after official notice is published on April 29. If a remonstrance is successful, the increase question would be put on the ballot.
Porter is expected to collect about $20,000 more annually from the tax. The Cumulative Capital Development Fund is expected to generate $124,000 this year.
Typically, the fund is tapped to help finance purchases such as the annual replacement of cruisers for the police department, Peffers said.
Peffers said for a resident with a house with a tax value of $150,000 after deductions, the increase would amount to $15 more a year in property taxes.
With the state legislature recently passing tax reform legislation that will reduce potential revenue for the town, Peffers said it is important that the town collect the maximum amount of dollars it can.
Peffers noted that the town was using funds from the Redevelopment Commission to help pay for part-time firefighters to help the Volunteer Fire Department for this upcoming summer.
Jim Woods is a freelance reporter for the Post-Tribune.
