Daleville Town Council re-establishes capital development fund rates
May 26—DALEVILLE — During Monday's meeting at Town Hall, the Daleville Town Council reestablished its cumulative capital development fund tax.
Cumulative capital funds enable municipalities to raise funds via a small increase in property taxes. Such funds can be used for any municipal purpose. Council President Tom Roberts said the town has used capital funds to pay its utility bills.
During the meeting, Roberts said he was told by an accountant that CCD rates would progressively decrease every year unless the town were to take action again in the future to renew the fund.
The rate of 4.18 cents per $100 of net assessed value was increased at the meeting to five cents per $100. The difference between the two is an increase of 0.82 cents per $100 of assessed value. The increase in property taxes for $125,000 of net assessed value would be $10.25.
Net assessed value is a property's assessed value after deductions.
The rate of five cents per $100 of net assessed value was the original rate when Daleville first established the CCD fund tax. Roberts could not recall the exact date.
The recent CCD fund increase is Daleville's third in the past 10 years, according to Roberts.
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