Cov­ing­ton's costs

The Covington News - - FRONT PAGE -

If Cov­ing­ton’s commercial property own­ers par­tic­i­pate in a CID, they hope they’ll see a solid re­turn on their in­vest­ment, but they will have to pay more in taxes.

Most CIDs have a mill­age rate of 5. For per­spec­tive, Cov­ing­ton’s mill­age rate (also called the property tax rate) is 8.208, New­ton County’s mill­age rate is 11.54, and the school sys­tem’s rate is 20.

A commercial property worth $500,000 would pay an additional $1,000 an­nu­ally in taxes to go to­ward the CID.

One of the cor­ri­dor’s most valu­able prop­er­ties is New­ton Plaza, owned by Halpern En­ter­prises, which the New­ton County Tax be­ing worth $13.39 mil­lion. That property would pay an additional $26,780 in taxes at 5 mills.

The key for property own­ers is that money goes to a fund they and their fel­low property own­ers con­trol.

Over­all, the 128 parcels lo­cated in the pro­posed CID district have a to­tal of $118.7 mil­lion worth of value. At a mill­age rate of 3, the CID would col­lect around $150,000 a year, and at a mill­age rate of 5, the CID would col­lect around $240,000 a year.

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