On September 3, 2018, the New Albany Community Authority Board of Trustees voted unanimously to reduce the 2018 Community Development Charge to 3.4 mills from 3.75 mills. This is the 17th year in a row that the Charge has been maintained or reduced from the prior year’s rate. The Charge is to be collected by Franklin County with property taxes in 2019.
Brent Bradbury, Authority Treasurer, informed the Board that the District continues to grow through new construction and the recent market reappraisal by the Franklin County Auditor. According to the figures provided to the Board, the District Commercial Value increased about $19.million to $621 million and the District residential value increased $203.4 million to $2.32 billion due to the market reappraisal and new construction. After discussion about the future values, debt service requirements and other community issues the board concluded it would be in the best interest of the District residents to reduce the millage from 3.75 to 3.4 for 2018.