COLDWATER, MI (WTVB) - Property owners in the City of Coldwater are getting a glimpse at where tax rates are headed. The Department of Treasury has issued the inflation rate multiplier for 2014 and it’s been set at 1.6%. Coldwater City Manager Jeff Budd says generally speaking, this means residents’ property tax revenues will not increase more than 1.6%. However, according to Budd, there are numerous other factors that go into the calculation including equalization and home sales to name just a few. He says the Assessing Department’s initial indications show commercial property tax values stabilizing and residential values increasing slightly.
One piece of property the city would like to see finally put to good use again is apparently moving closer to being a viable future location for recreational activities. Officials continue to work with the city’s environmental consultant, the MDEQ and Marmon to find creative ways to reuse the brownfield site that once was the address of Midwest Foundry. Recent discussions have moved the project further along with one of the last and most significant hurdles the completion of a due care plan which must be agreed upon by both the City and Marmon. Still, Budd believes things appear to be headed in a positive direction.