The total cost of the library is significant, there is no doubt about that. Fortunately, although the taxpayers will be asked to pay just over $13 million, fully 25% of the project will be paid by private donations and state grants.
Just like most people purchase their homes with the help of a mortgage, the same applies to the Library with this bonding issue. The entire cost of the project will be spread across all Madison taxpayers over a 20 year life. And that means that the cost per Madison taxpayer is relatively minor – just 25 cents a day for the average taxpayer (home valued at $600,000).
Even better news is that this cost will never go up – unlike other town budget items. The 25 cents a day is locked in. So in 20 years the bonds will be fully repaid, and the Town owns the library free and clear.
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