In June the Marshall County Commissioners conducted a public hearing to raise the rate of the Cum Cap Development Fund, a suggestion they received from the County’s financial consultants, Umbaugh.
The current rate is $.0169 while the maximum rate allowed by state statue is $.0333 per $100 of assessed value. Earlier this year Umbaugh told the commissioners the rate decreases each year on the fund and they are the ones empowered to reestablish the rate. Umbaugh indicated that the fund has been at the lower rate for at least four years.
Umbaugh estimated raising the rate to the maximum will generate an additional $400,000 annually.
After passing an ordinance to increase the rate in mid June, tax payers had a 30 day window to remonstrate against the increase with just 50 signatures.
The Marshall County Auditor, Julie Fox received petitions for a remonstrance against the rate increase on July 18th and additional ones on July 22nd. The auditor certified 128 signatures as verified property taxpayers within the taxing district. Signature include taxpayers from Argos, Bourbon, Bremen, Culver, Plymouth and Tippecanoe with the majority of signatures being Plymouth addresses.
The petitions and required documentation have been sent to the Department of Local Government Finance.
A public hearing will be scheduled in Marshall County in the near future to allow information from both sides of the issue to be presented prior to the DLGF handling down a decision regarding the reestablishment of the rate of the Cum Cap Development Fund.
