Ross Hagan with accounting firm Umbaugh and Associates told council members that will boost the town’s revenue by $13,000 to $14,000 a year. “That’s revenue that you guys currently don’t have access to because the CCD fund is outside of your maximum levy,” he explained. “So this is new revenue that you guys don’t currently get, and it’s revenue that can be used for any legal purpose, so it has a lot of different uses that it can have for the town.”
The owner of a $50,000 home can expect to pay an extra $3.73 a year in taxes, while someone who owns a $75,000 home will typically pay about $6.15, according to Umbaugh’s calculations.
However, North Judson Clerk-Treasurer Alicia Collins said residents may see a bigger jump initially, after the town learned that taxpayers were being charged the wrong amount. “There was an error a couple years ago that the tax amounts were lower,” she explained. “It will go up, and it has nothing to do with this cume cap that we’re talking about. It will go to the amount that it was supposed to be, and then it will go up an additional three dollars or six dollars or whatever.”
Hagan added that the town can expect to see the increased revenue in its 2018 budget.