3A, 2012 Proposed Preliminary Budget and Tax Levy

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Memo City Council 2012 Pro�osed Preti�ninary Budget and Tax Levy 3 Home Market Value $ 76,fl00 $'[ 50,000 $ 272,80t3 $ 350,000 $ 500,0�0 Markei Value Exclusion 30,400 23,7�0 12,fi88 5,74U - Market Value Afer ExcEusion $ 45,800 $ t2�,260 $ 260,112 $ 344,26Q $ 500,�00 Taxabie Valu� - OLD $ 760 $ 1,5DQ $ 2,728 $ 3,500 $ 5,000 Ta�ra6ie Value - NEW $ 45� $ 1,2�3 $ 2,801 $ 3,443 $ 5,000 Difference in Taxable Value -40.U°10 -15.8°/o -4.7°/a -1.6°/a 0.0°/o In order to evaluate the true irnpac# �o the residez�tial property owner, you need to take into accaun# the decrease in fiscal disparities, t�e cl�ange in the taxable value before tl�e MVE, ar�d the effects oi fihe new MVE progra�n. To help illustrate this, the faliowing table shows the impact to the residential property owner due t4 the reduction in fisca� disparzty dollars, changes in the assess market value, and changes in the City's overa�l ta�cabie value before t�►e new legislation. This would be an "app�es-ta-apples" comparfson as it is the sazne formula used in 2Q11. Pay 20t2 MV 500,000�1.0 % (87 x E) + 76,000�.40% XQ934 rem � 1.25%a (612 x D} - rean�.69% (G} x% (F) -(H) Estimater! Ta�c Distnct rate as % oTto3al rate: �:-,,'�ti�:%�:.':'�''�.', �50;OQ0:`,. 1,500 $365_OB $237.40 $49_85 $3i5.21 F`�:::2�2;860:'" 2,728 $663.91 $12fi.88 $26.64 $637_27 350;D00; 3,500 $851.80 $57.40 $12.95 $839.75 $'I � Annual Increase Monthly incr ($2_33) $ (0.19� {$4.06) $ (0.34) ($S. i 8} $ (0.43) {$id.04) $ (�.84} ($93.84} $ (4.15}