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In any fiscal year,the total property taxes assessed cannot exceed <br /> 2.5 percent of the full and fair cash valuation of the Town. The <br /> following is a calculation of this limitation: <br /> Assessed Valuation Levy Limit <br /> $ 1,734,885,000 x 2.5% $ 43,372,125 <br /> die actual 1992 tax levy was $14,539,297. <br /> X 5. Tax Calendar <br /> i <br /> The following is a summary of the property tax calendar used for the 1992 <br /> +if <br /> tax levies: <br /> i <br /> December, 1991: <br /> Annual tax bills mailed to taxpayers. This mailing contained two <br /> bills each equal to one-half of the tax levy. <br /> January, 1992: <br /> First half tax bills are due. All bills paid after this date are <br /> charged interest at the rate of 14% per annum. <br /> May, 1992: <br /> The second half tax bills are due. All bills paid after this date <br /> are charged interest at the rate of 14% per annum. <br /> July, 1992: <br /> Any unpaid tax bills are turned over to the Treasurer for tax liens. <br /> Liens are charged interest at the rate of 16% per annum. <br /> 6. Long-Term Debt <br /> The Town's long-term debt issues constitute a pledge of the Town's full <br /> faith and credit. Payment is not limited to a particular revenue source. <br /> However, as previously noted, the Town's ability to raise property taxes <br /> is restricted by the enactment of legislation known as "Proposition <br /> 2 1/211. <br /> y. <br /> A. Changes in General Obligation Bonds Payable <br /> The following is a summary of bond transactions of the Town for the <br /> year ended June 30, 1992: <br /> Inng-term Debt as of July 1, 1991 $ 16,222,346 <br /> Bonds retired ( 2,279,546) <br /> Reduction of Ban ( 32,500) <br /> Long-term debt as of June 30, 1992 $ 13,910,300 <br /> Fr <br /> II <br /> 13 - <br /> i <br /> i <br />