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Vincennes Moves to Increase Cumulative Capital Development Tax

The Vincennes City Council last night passed on first reading an ordinance to increase the Cumulative Capital Development tax rate 

Ben Roeger of Coonrod and Company says it would increase the property tax levee in 2014 by 150-thousand dollars.

He says it would also increase COIT and CEDIT revenue by about 125-thousand dollars a year beginning in 2015.

Roeger says the current rate is only about one-third of the maximum allowed.

As for the impact on property owners …

The additional revenue would be used for streets, roads and other infrastructure needs.

The ordinance must be approved by August second to take effect. 

Council will hold a special session this Monday night to take up the issue on second and third reading. 

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Topics : Business_Finance
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People : Ben Roeger