NEW BLOOMFIELD - The Board of Aldermen has approved a reduction of 8.7 cents per $100 assessed valuation in theÂ New Bloomfield cityÂ property tax bond payment fund.
The board acted Thursday night after no one appeared for a public hearing on setting the annual property tax rate.
The tax cut was the same amount recommended by the state auditor's office in anticipation of the city paying off in 2012 a $260,938 street improvement bond.
City Clerk Tracina Shaw said this year's payment on the bond was $20,398. The $190,000 street improvement bond scheduled to be paid off next year was issued in 2000. Payments during the 12-year life of the bond will total $260,938. This amount includes about $61,000 in total interest to be paid during the 12-year period.
With only Ward 1 alderman Paul Hilchen absent, the board gave unanimous approval to a reduction in the city's general obligation bond issue property tax rate of .4000 cents per $100 assessed valuation to .3126 cents per $100 assessed valuation.
Ward 2 Alderwoman Rosemary Augustine noted that reduction in the bond fund tax rate was based on a recommendation of the state auditor's office after reviewing the city's bond fund repayment schedules.