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County Executive Laura Neuman Announces Re-Financing of Bonds that will Save Homeowners Money

Publish Date: 04/04/2013

Villages of Dorchester and Farmington Village will save 15 percent

Annapolis (April 4, 2013) - Anne Arundel County Executive Laura Neuman today announced that taxpayers in two special taxing districts, Villages of Dorchester and Farmington Village, will save on average about 15 percent annually thanks to their infrastructure bonds being refinanced at lower interest rates.

“The residents of these two special taxing districts will see lower property tax bills this summer because the county took advantage of good timing in the financial markets,” County Executive Neuman said. “This means that in the future these residents will pay less for the roads and public utilities they financed for their communities.”

The savings are based upon only the special tax portion of the property tax bill, not the entire bill. Special taxing districts are arrangements where residents pay for infrastructure improvements by financing them over time and adding the payments to their property tax bills. These particular bonds, issued a decade ago, had a 10-year call provision that allows the county to refinance them under favorable interest rate conditions.

The amount that residents of Dorchester and Farmington Village pay depends on the size of their homes and properties, and can vary from year to year.   
 


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