Cumulative Capital Development Tax

According to the Times Union, County Commissioners this morning approved setting the Cumulative Capital Development tax rate at $0.0333 cents per $100 of assessed value, the max allowed by the state. The new rate is expected to generate an extra $996,000; money that could be used for general purposes as well as highway work, commissioners said during a public hearing ahead of the vote. Aside from a question over the CCD versus the wheel tax and surtax,  which the County Council will vote on again Thursday, there were no public comments. The current rate is $0.0135 cents per $100. Umbaugh and Associates recommended setting the higher rate among other measures to offset a projected $4.4 million budget shortfall by 2016. The new rate will apply to real and personal property taxes payable next year.