FISHERS, Ind. – Some homeowners are concerned over what they think is a new property tax hike.
Several people were posting about the Cumulative Capital Development Fund online. It caught their attention on the agenda of this month’s city council meeting.
A spokesperson for the city said it is not a tax increase. CBS4 asked city officials to explain it on camera. They said no and directed us to the state’s Department of Local Government Finance.
Fishers residents are already paying for this fund. It’s available to all municipalities and counties. The state said 350 municipalities have a CCD fund this year.
It’s being discussed by the council right now because if a city wants to keep the fund and a $0.05 maximum property tax rate, it has to reestablish the fund every year.
The City of Fishers said they are trying to maintain the exact same tax rate they’ve had for the last several years which is $0.05 per $100 of assessed value.
To reestablish the fund, a local government has to go through a public hearing process and notify taxpayers.
There was a public hearing in March in Fishers and it will be ready for adoption during the next city council meeting in April.
Once approved, the city said this money will be used for capital improvement projects like roads, sidewalks and parks.