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Amount insured by the FDIC and DIFM, <br /> or collateralized with securities held by <br /> the Town in its name $ 10,193,074 <br /> Uncol lateral ized 1,662.793 <br /> Total Bank Balance $ 11.855.867 <br /> 4. Property Taxes <br /> A. Tax Limitations <br /> Real and personal property taxes are based on assessed values as of the <br /> previous January 1 and are normally due on a quarterly basis. By law, all <br /> taxable property must be assessed at 100% of fair cash value. Taxes due <br /> and unpaid after the due dates are subject to interest and penalties. The <br /> Town has an ultimate right to foreclose on property for unpaid taxes. <br /> Legislation known as "Proposition 2 1/2" limits the amount of revenue the <br /> Town can derive from property taxes as follows: <br /> • The prior fiscal year's tax levy is used as a base and cannot <br /> increase by more than 2.5 percent (excluding new growth), unless <br /> an override or debt exemption is voted. The following is a <br /> calculation of this limitation: <br /> Fiscal year 1994 Authorized Tax Levy Limit $ 14,307,077 <br /> 2.5% increase 357,677 <br /> New growth 391,403 <br /> Debt exclusion 1,563,220 <br /> Other adjustments 107,209 <br /> Fiscal year 1995 Authorized Tax Levy Limit $ 16.726.586 <br /> • 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 /> $ 1,193,693,428 x 2.5% _ $ 29,842,336 <br /> The actual 1995 tax levy was $ 16,687,834. e <br /> u <br /> u <br /> f <br /> S <br /> r <br /> 12 <br />