Minutes 02/23/1932 - Laserfiche WebLink

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Feb~a~y 23rd, i93~2. At a regular meeting of the City Council P.M.,-there were present: Varnon A. Brooks, W. R. HutChins, E.~¢. Maupin, Cast, Archibald Ogg, 'J. R. Stewa~t- 7- Also the City ~anager. f ileal: the real held February 23rd, 1932 at eight Jr., Arthur '~ mayo, J. Alden Minutes of regular meeting held Februe~ry 9th were read and approved. The following communication from the City Eanager was read and, on motion, !st - The following explains the new Portsmouth Tax Pa~ent Pl~u; whereby estate taxes, etc. may be pgid by small weekly; semz-montn_y or monthly oayments; as submitted to the Council a~ the last meeting and placed bn first rsading: The ordinance comes up tonight for the second reading and I hope it will be the pleasure of the Council to adopt the plan as it is my desire to begin the actual operation of collecting taxes 'in accordance therewith 'on Mo~_:aap, ~_ch 7th, 1932. I feel cor~fident that our takpayers as a whole will appreciate the con- venience of£ered them in the plan and at the same time the City would be in a much more vantageous ~osition to oroperly finance the city's services rendered. The ~subse~uent para- graphs explain the plan based on an s~nnual interest rate of~- (a) 3%, (b) ~, (¢) 5%, (d) ~. (a) A $100. tax bill to be paid on this pla~ would require a monthly payment o£ $8.20 to be pa~_d inadvance: P_rineipal $8.20 x 12 mo. Accrued interest ~ 3% per annmm - $ 9s.~o i.,60 Amount of origir~l tax bill $IO0.00 r~e re&action of ~ cents per This would be e&aivalent to a tax ~ ~lO0. o~ ass~ssee value, tt wo~ld reoresent a total savings of ~- ,500- to the. Cit~y taxpayers. (b) A ~I00. tax oil_ to be paid on this plan would red, ire a monthly pa~ment of $8.15~a to be paid in advance: P~incipal $8.1~ x 12 mo. Accrued interes~ ~ ~ per ar~lL~t 2'.12 Amoun~of original tax bill ~ i00.00 This would be equ~ivalent, to a ~ax rate reduction of 5.8 cents per $100. of assessem value. It would represent a total savings of $19,100. to the city taxpayers. (c) A $IOO. tax bill to be paid on th~s plan would reqaire a monthly pe~yment of $8.11 to be paid in advance: Principal $8.11 x 12 mo. Accrued interest at 5% per annum Amount of original tax bill $1o0 ~ O0 r_~e reduction of ~his would be e cuivaient to a tax 2~- $100. of assessed value. It would represent a total $23,750. to the city taxpayers. (d) payment of $ 8.07 to be paid-in advance: 6.9 cents per saving of A $100. tax bill to be oaid on this plan would re cuire a monthly principal $ 8107 x 12 mo. - Accrued Interest @ ~p per ann~m - Amount of original tax bill $ ~5.47 $tO0.00 This wo-~uld be e~miva!ent to a tax rate reduction of 8.3 cenzs per $100. o£ assessed value. It would represent a total savings of $28,200.00 to the o ~v taxpayers. Either of the above plans could be used for setting up a ruud chants' licenses, with the dates adjusted to 2un f~om May. lst to April 31st, year' s license." for the mst- for the next UNFINISHED B,~BI~SS - The following ordinance, laid on table last meeting, was taken up and read: "AN ORDINANOE I~POSING AND COLLECTING TAXES ON P~AL ESTATE, TANGIBLE PE~ONAL PROP~TY AND EAGHINERY WITHIN THE LIMITS OF THE CITY OF PORTSEOUTH, VIRGINIA, FOR ~ PURPOSE OF RAISING RE7Eh~ffE FOR T~ BUPPORT 'OF THE GOVERN~ENT AND THE PUBLIC FEEE SOHOOLS, AND TO PAY INTEEFYST AE~0 BINEING FUh~D ON THE P~BLIG DEBT FOR T~ YEAH BEGII~NING JAr~JAHY 1st, 1932. ,