If you have a Cumulative Capital Development (“CCD”) Fund, you may have noticed the rate declining over the past few years, possibly related to reassessment and annual trending. Maximum CCD fund rates are:
- $.05 - in counties that adopted CAGIT or COIT
- $.04 – in counties that previously did not adopt CAGIT or COIT
- $.0333 – in counties that adopted CAGIT or COIT
- $.0233 – in counties that previously did not adopt CAGIT or COIT
The process to establish a CCD Fund or re-establish the rate to the maximum is the same, but be aware that the process takes time and the Notice of Adoption must be submitted to DLGF by April 30.
The process is as follows:
- The legislative or fiscal body must approve the rate after conducting an advertised public hearing.
- A Notice of Adoption is published which starts a 30-day remonstrance period whereby 50 or more taxpayers may file an objection
- When the remonstrance period ends, proofs of publication, signed ordinance or resolution and a procedure checklist (available from the DLGF) are forwarded to DLGF no later than April 30.
If you have questions, need assistance with establishing a cumulative fund or any other budgetary planning, please contact us.