Local funds come from a 1% tax surcharge
1 penny on each dollar of property tax.
Amesbury residents and businesses will pay a 1% surcharge on local property tax bills, with an exemption for the first $100,000 of taxable value of residential real estate.
All low-income households, and low/moderate income senior households can apply for a full exemption.
As an incentive, the state distributes annual matching funds from a statewide trust fund.
With local funding plus the state match, we estimate about $330,000 of funds would be available for CPA projects each year,
HOW MUCH WOULD CPA COST THE AVERAGE AMESBURY HOUSEHOLD?
Based on the 2016 average Amesbury home value ($321,289), the yearly average surcharge per household would total $45.
Want to know exactly what the CPA would cost you based on Amesbury's 2016 tax rate? We've prepared a simple tool to show you.
Some interesting details:
- Funds can be spent each year, or saved up from year to year.
- CPA funds can be leveraged with other funding sources. (eg. matching money for grants)
- Communities can issue bonds against their future CPA revenue.