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.