The Council held a public hearing on the MSDs at its Regular Meeting on the evening of March 4, 2015. Prior to this public hearing, all property owners in the MSDs were notified by letter (a minimum of four weeks ahead of time) about the public hearing. Following the public hearing which was attended by over 50 people, three individuals spoke, the Town Council approved the establishment of the two MSDs as proposed. The taxes levied by this adoption were first included in tax bills that were sent out on July 1, 2015.
At its November 5, 2014, Regular Meeting, the Council approved for public hearing on March 4, 2015, a plan which would apportion the payment of the debt associated with the project as follows: 20 will be paid by oceanfront property owners (through two MSDs) and 40% will be paid by non-oceanfront property owners (through one MSD). At this time, it is estimated that the additional tax per year for oceanfront property owners will be $0.463 ($0.148 in MSD A and $0.315 cents in MSD B) and for non-oceanfront property owners the additional tax will be $0.148 (in MSD A). It is important to note that the amount of tax paid is directly related to the assessed value of the property as determined by the Dare County Tax Assessor’s office as the tax levied is based on each $100 of a property’s value. For example, an oceanfront property valued at $1,000,000 would pay an additional tax of $4,630 per year for the five year debt period and a non-oceanfront property valued at $600,000 would pay an additional tax of $888 per year for the five year debt period.