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Assessed Valuation Levy Limit <br /> $ 1,218,533,943 x 2.5% _ $ 30,460,849 <br /> The actual 1993 tax levy was $ 15,449,742 <br /> 4. Tax Calendar <br /> The following is a summary of the property tax calendar used for the 1993 tax <br /> levy: <br /> September, 1992: <br /> Preliminary tax bills mailed to taxpayers. This mailing contained two bills <br /> each equal to one-half of the prior year's tax levy. <br /> November, 1992: <br /> First half tax bills are due. All bills paid after this date are charged <br /> interest at the rate of 14% per annum. <br /> April, 1993: <br /> Actual tax bills for fiscal year 1993 are mailed. <br /> May, 1993: <br /> The second half tax bills are due. All bills paid after this date are charged <br /> interest at the rate of 14% per annum. <br /> July, 1993: <br /> Any unpaid flax bills are turned over to the Treasurer for tax liens. Liens <br /> are charged interest at the rate of 16% per annum. <br /> i <br /> I <br /> i <br /> 5. Lona-Term Debt <br /> The Town's long-term debt issues constitute a pledge of the Town's full faith <br /> and credit. Payment is not limited to a particular revenue source. However, <br /> as previously noted, the Town's ability to raise property taxes is restricted by <br /> the enactment of legislation known as "Proposition 2 1/2". <br /> - 12 - <br />