Annual report of the Town of Hampton, New Hampshire

HAMPTON BEACH VILLAGE DISTRICT
NOTES TO FINANCIAL STATEMENTS
DECEMBER 3 1,1998
4. PROPERTY TAXES
The property tax year is from April 1 st to March 3 1 st and all property taxes are assessed on the property valuation
taken in April of that year. The property tax rate is established in the fall by the State Department of Revenue
Administration after the review and approval. The property taxes are collected by the Town of Hampton and
paid over to the District, upon request, at various times during the year. The responsibility of tax collection and
property tax liens is vested in the Town of Hampton.
Taxes raised by the District are assessed using different rates for non-exempt property and exempt property.
Non-exempt property taxes are based on total budgeted appropriations, including appropriations for culture and
recreation allocated to the District's activities.
Exempt property taxes exclude the appropriations for culture and recreation and are assessed only on the budgeted
appropriations of general government and public safety.
For 1998, the total tax assessment consisted of:
Valuation
Rate
Assessed Tax
Non-exempt $199,851,900 $1.10/$1,000
$219,837.00
Exempt $237,467,600 $.38/$ 1,000
90,238.00
Total S 310,075.00
5. RISK MANAGEMENT
The District is exposed to various risk of loss related to torts, thefts of, damages to, and destruction of assets, errors
and omissions, injuries to employees; and natural disasters. The District is insured under various policies as of 12/31/98,
covering the following:
Policy
Coverage
General Blanket and Fire Policy, Building and Contents
$538,000 Per Occurrence
Boiler Equipment and Machinery Policy
$439,500 Per Occurrence
Hazardous Waste Policy
$ 1 00,000 Per Occurrence
Flood Insurance:
Building $44,300
Contents $17,600
General Commercial Liability
$ 1 ,000,000 Per Occurrence and $2,000,000 Aggregate
Fire Commercial Liability
$500,000 Per Occurrence
Public Official Liability $ 1 ,000,000 Per Occurrence and Aggregate
Workers Compensation
$ 1 00,000 Per Accident
Bond Coverage $25,000
Automobile Liability Policy
$1,000,000 Per Occurrence
Automobile Equipment Policy $234,000.00
The total cost of insurance coverage for the year ended July 1, 1999 was $12,730.
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