The Coos Bay Council talked a bit about the numbers for the proposed library tax levy. The Coos Bay City Council hopes to gain the support of the public for a levy to build a new library in Coos Bay. During Tuesday’s council meeting, counselors and staff discussed a two-tiered method of levying taxes to fund it.
The proposed cost for the library is about $20 Million. Coos Bay residents are currently paying $0.45 per mille (per $1,000 of property’s value) for Coos Bay Fire Station #1. That levy ends four years from now. To fund the library, the idea is to levy an additional $0.50 per mille for the first four years, after which, the library levy will increase to $0.45 per mille, for a total of about $0.95 per mille going forward.
It’s important to note that these numbers aren’t final. There is still some negotiating that would have to take place as far as interest rates and financing.
Why two different rates? While the taxpayers are still paying for the fire station, the city hopes to levy a smaller amount. After the fire station levy drops off tax bills, the levy for the library will increase. Under this proposal, taxpayers would pay a combined levy of about $0.95 per mille, both before and after the fire station is all the way paid for.