7A, 2011 Operating Levy Payable 2012 and 2011 Truth-In-Taxation

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Memo City Council 2012 Proposed Preliminary Budget azld Tax Levy 3 Home Market Value $ 76,000 $150,OQQ $ 272,800 $ 350,D00 $ 500,040 Mar[cet Val�e Exclusion 30,400 23,740 12,688 5,740 - Marfcet Valus Afer Excl�si�n $ 45,600 $126,260 $ 260,1 T2 $ 344,260 $ 50Q,000 Taxable Value - OLD $ 76q $ 1,500 $ 2,728 $ 3,500 $ 5,040 Taxable Value - NEW $ 45B $ 1,263 $ 2,601 $ 3,443 $ 5,000 Difference in Ta�ble Value -�40.4% -15.8% -4.7% -1.6% 0.0% In order to evaluate the true impact io ihe residential property owner, you need �a take into account Xhe decr�as� in fiscal disparities, the change in the taxable value be%re tk�e MVE, and the eifects oi the new MVE pragram. To help illustrate this, ihe foilowing table shows the impact to the residential property owner due to the reduction iz� fiscai disparit� dollars, changes in fhe assess r�arket value, and changes in the City's overall taxable value be�ore ihe new legzslation. This would be an "app�es-to-apples" comparison as it is the same formula used in 2011 if we use a 0% levy increase. Pay 2012 MV 500,000@1.OMo (B7 x E}+ 76,o�0�.4o% X0.934 rem � 1.25% (612 x D) - rem�.09% {G} x% EatimatedTax �islrictrate es % aftatal rate: -�21%:��'��.� 150,OD0 1,500 $3fi5.�6 $237.40 $49.85 ,•:272;800 2,728 $663.33 $126.88 $26.64 `,'=_=350_000 _ 3.500 �851.80 $57.4D $t2.05 .38 {F) - {F{) � Annual Inctease Monthlv incr. $315.21 $2.33 $ 0.19 $fi37.27 $4.06 $ 0.34 $839.75 ($5.18) $ (D.43) 1,216.85 ($14.p4) $ (0.84} 9,977.38 ($13.84) $ (1.15)