Residents of the city of Brazil could see their tax rates and property taxes increase throughout the next few years.
The Clay County Redevelopment Commission approved a lease agreement that would allow Brazil to purchase a $2.6 million bond for a special repaving project.
Details of the plan were discussed during an October meeting and would call for an increase in property tax. Homeowners in the city currently pay $441 per year on residences assessed at $100,000. That number would increase to $462 in 2014 and $474 in 2015 with commercial taxes being much higher.
Only the form of the lease has been approved but the deal may be closed soon.