The City of Carroll has had a local option sales and service tax (LOST) since Jan. 1, 2004.
The city has used these funds to provide $6,927,962 in property tax relief since its inception. In addition to dedicating 25 percent to property tax relief, some city projects funded with LOST include:
— New fire station: $7.5 million
— Street rehab/improvements: $5.7 million
— Corridor of Commerce: $647,000
— Library/City Hall project: $500,000
— Aquatic center: $428,459
— Tennis courts: $230,000.
If the LOST is not renewed in a public vote to be held this fall, annually starting in 2024, property owners with an average-valued home of $130,000 in Carroll can expect their city property taxes to increase approximately $50 per year to make up for the property tax relief that LOST currently is saving the taxpayers of the city. County property taxes also could increase due to the loss of LOST funds by the county.
With the extension of LOST past Dec. 31, 2023, the City of Carroll is planning to use up to $7,610,000, plus interest cost, in LOST funds toward improvements at the Carroll Recreation Center.
The city also plans to continue to annually use 25 percent of LOST proceeds toward property tax relief and $500,000 annually toward street rehab projects. Projections show there will be $250,000 available annually for other city projects and needs.
Voters will determine Sept. 8 whether the LOST continues, with no sunset. In order for the LOST referendum to pass, the question must receive a 50 percent of the vote.