A special election will take place on Tuesday, December 5th to consider funding in form of a debt exclusion for the acquisition of modular classrooms at the Middle School. Polls will be open from 7:00 AM to 8:00 PM. Additional information about the election may be found at the Town Clerk's website:
SPECIAL TOWN ELECTION
QUESTION 1 Shall the Town of North Reading be allowed to exempt from the provisions of proposition two and one-half, so-called, the amounts required to pay for the bond issued for the purpose of purchase of modular classrooms including design specifications, installation, furnishing and equipping for the Middle School, and all costs incidental and related thereto?
TAX RATE IMPACT
The School Department indicates the total cost of the modular classrooms is $913,183. You should note the Town is prohibited by Massachusetts law from including a specific dollar amount in the above ballot question language.
Town officials estimate the total cost of borrowing, including principal and interest payments, for a period of 5 years to be $1,022,765 at a rate of 4.0%.
The annual tax rate impact for residents is approximately 8 cents ($0.08) per $1,000 valuation. For a $500,000 home, the 1st cost is estimated at $40/year and declines in years 2 to 5.
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