3. WHAT IS PROPOSITION 2
Proposition 2 1/2 places constraints on the amount of taxes which the Town can levy and on how much the tax levy can be increased from year to year by the Town. It provides the Town with annual increases in its tax levy of 2.5 percent and an additional amount based on the valuation of certain new construction and other allowable growth in the tax base ("new growth").
With proposition 2 1/2, a minimum 2.5 percent increase in the Town's total tax levy can be expected each year.
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