10. The Town of Poetry does not currently have a real property tax mechanism in place to assess or collect property tax. If an ad valorem tax of $0.50 per $100.00 of taxable value were implemented, the additional annual tax may be calculated as follows (examples):
$500,000 ÷ $100 = 5,000; 5,000 × $0.50 = $2,500
$750,000 ÷ $100 = 7,500; 7,500 × $0.50 = $3,750
$1,000,000 ÷ $100 = 10,000; 10,000 × $0.50 = $5,000
The total taxable value of property within the Town of Poetry is approximately $173,112,913. At a rate of $0.50 per $100 of taxable value, this would generate approximately $865,564 in annual property tax revenue. By comparison, rebuilding one mile of road and its substructure is estimated to cost approximately $1,000,000.
Given the above information, how likely would you be to support an ad valorem property tax of $0.50 per $100.00 of assessed value to ensure the Town is adequately funded for the foreseeable future?