How will this project affect my business property taxes?

Approval of this project triggers a 25 year borrowing that is subject to a Debt Exclusion, therefore, the taxes for a business will increase just as they will for residents. The borrowing is being done as a fixed principle, meaning that the largest impact will be in the first full payment in 2015, from that point forward the impact will decrease a few cents per thousand each year throughout the 25 year borrowing. Traditionally in Adams we have had a CIP (Commercial, Industrial, Personal) shift in our property tax which requires the business rate to be at greater than 100% of the town-wide set tax rate. This shift has actually declined from 135% a few years back, all the way down to a current 115%. However, it is always subject to Board of Selectmen approval. The current Board has attempted to bring the shift closer to level, in order to provide some relief to local businesses.

Estimates for project impact on property tax rate, based off of current information and a 115% (Current shift). First column demonstrates the actual CIP (property tax rate), second column is the estimated business impact. These years are only a snapshot, the rate will fall a few cents annually.
FY 2014                                $.39                       $.45
FY 2015 (Largest year)  $1.47                     $1.68
FY 2023                                $1.21                     $1.40
FY 2033                                $.89                       $1.04
FY 2039 (Final year)       $.71                       $.82
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