Dedicated funding for the Library
Does the amendment create a new dedicated Library tax? No, it does not create a new tax. What it does do is take existing taxes and require that 1.11% of the existing municipal real estate tax (0.12 mills to be exact) be put into a special City fund for Library maintenance and operations.
How much will 0.12 mills create in dollars? Theoretically, it should produce $1,601,858.46 for Library maintenance and operations, but for a number of reasons the actual amount could be as low as $1,383,033.33.