The annual approved tax rate is used to determine the budgeted expenditures for Cadence each year. The budget is a combination of charges for operations and maintenance (which may include maintenance for the streets, lighting and sewers) as well as the annual debt payments.
Operations and maintenance costs are covered by a rate that is currently $0.30 per $100 of net assessed value as calculated by Maricopa County Assessor. This tax will continue indefinitely.
Expected debt payments are determined based on the amount of debt outstanding and estimates of new debt that may be issued during the fiscal year. If additional debt is issued to reimburse the developer for Cadence infrastructure, the debt payment will increase.
The target rate assessed to cover the debt payments is $3.85 per $100 net assessed value but may be adjusted as needed on an annual basis. This tax will continue indefinitely, at least until 25 years after the last reimbursement is made to the developer for Cadence infrastructure.
- Cadence CFD Property Tax Resolution No. 11 [PDF]
- Cadence CFD Final Budget Resolution No. 10 [PDF]
- Cadence CFD Tentative Budget Resolution No. 9 [PDF]