The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1926-06-03
INCREASE IN
TAX WOULD BE
VERY SIN ALL
Community Building Will Cost
Only $1.32 Per 81, 200
Valuation

The average cost to a taxpayer in
Bismarck throughout the 20-year
period as the result Of the approval
= Of the $4,000 bond issue for the
erection Of a community building,
which will be voted on next Tuesday.
will be inconsiderable as compared
with the great benefits which this
city will derive from such building,
it was pointed out today by members
of the Association Of Commerce and
the building committee of that or
ganizaticn. which has made Il
thorough study Of the proposition.
Accurate figures, prepared for the
committee by the city auditor. show
that the average cost per $1,000 Of
assessed valuation, figured through
the 20-ycar period which the bonds
will run. would be only $l.32. That
is Bismarck taxpayer would be re-
quired to pay an average Of only VIZ
more taxes on each 81 900 Of assess
cd valuation than he is paying at
present il the bond issue is approved
by The voters and the proposed
building erected. Surely this extra
cost TO each taxpayer would be in.
significant when taking into coIsid-
Grafton tho value Of the community
building to Bismarck said II. r.
Goddard, secretary Of the Association
Of Commerce, today.
Building Is Needed
The building Is badly needed here
to provide a place for the state corn
show, the automobile show, the poul-
try show, large conventions which
are staying away from Bismarck be
cause Of inadequate meeting facili-
nd RI
house Company A of the national
guard and provide meeting places for
the various civic organizations here.
The need was forcibly demonstrated
here last winter during the state corn
show and the auto show.
The bond election calls for the is
suing Of $4,000 bonds for the pur-
chase Of site and the construction
of the building. The bonds are to
bear 81. per cent interest and are to
be payable $4,000 in 1921 and $4,000 in
each year from 1882 to 1916, both in
elusive.
This issue will require "a levy of
$500 each year for retirement of
the bonds. It viii! require levy of
$3.50 year for the first five years
for interest and decreasing levy
for interest each year thereafter. The
average levy interest throughout the
2O-ycar period will be $l.71S.75.
II is estimated that to operate and
maintain the building will cost APP
proximatcly $4,000 a year, although
after the building is ready for use
there will be affairs held there from
time to time which will bring in some
revenue. thereby reducing the main
tenancc expense.
Using the above figures as a basis
the cost to the taxpayer for the first
five years has been figured as fol-
lows:
For retirement of bonds s2.5OO0O
For interest on bonds ...... 1850
For operation and maintcn
ance .................. 4,OOV.oV
s9.250. 90
This will mean nm increase of APP
. proximatcly $l.48 on each 81 900 Of
assessed valuation shown on the 1926
tax receipt
c0-Ycar Period
Throughout the 2O-ycar period the
average cost TO The taxpayer each
year will be as follows:
For retirement Of bonds =. $2,500.00
For interest on bonds ..... 1,718.75
For operation and malntcn-
ancc 1000 90
S8,2l8.75
This figures out as an increase in
taxes Of approximately $l3o on each
81 900 Of assessed valuation.
The above figures on increases in
taxes on each 81 900 assessed valua-
ton are based upon the 1925 assess
ell valuation Of $6,226,6iA, and do
not take into account any increase in
the assessed valuation of the city
during the life Of the bonds.
At the rate the city has been grow
ing during the past few years. pro
ponents OF the community building
project say. the total assessed valua
ton will probably be SO greatly in
creased before the 20-year period Is
over that the increase in taxes on
account of such a building will be
much less than the amount quoted
above.