Question: How much will my taxes go up?

Your taxes will not increase until money is actually spent to purchase an open space parcel. This proposition simply authorizes the Town to borrow up to $3 million, but the Town will not actually borrow any money until a parcel is chosen to purchase. If the full $3 million were borrowed at one time, which is unlikely, property taxes in North Castle would increase $2.18 per thousand of assessed valuation. Based on the median assessment, the annual amount a taxpayer would have to pay to support an open space bond of $3 million with a 20 year term is $39. This tax increase is tax deductible.