Last week, members of the Plymouth Common Council conducted a public hearing to re-establish the Cumulative Capital Development Fund (CCDF).
If the city council adopts this tax, it will be levied on taxable real and personal property within the city limits. The maximum amount would be $0.05 and would be payable in 2024.
Tyer Coffel from Baker Tilly told council members the tax is expected to create about $23,000 annually and with changes made by state legislation the tax rate would no longer reduce each year but stay at the rate set by the council. The impact example he gave was for a home assessed at $100,000 would pay $1.51 yearly for the Cum Cap Development Fund.
The purpose of the city’s CCD Fund for Plymouth is to provide additional funding for the acquisition of real property and the construction, enlarging, improving, remolding, repairing, or equipping of municipal buildings and any ancillary use. The funds may also be spent to protect the public health, welfare or safety in an emergency situation that demands immediate action.
The City Council heard the first reading of the ordinance to reestablish the CCD Fund during the March 27th meeting and will consider the second and third readings during their April 10th meeting.