3C, 2012 Proposed Final Budget and Tax Levy

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Memo City Council 2012 Proposed Final Budget and Tax Levy 3 Home Market Value $ 76,000 $150,000 $ 272,800 $ 350,000 $ 500,000 Market Value E�lusion 30,400 23,740 12,688 5,740 - Market Value Afer Exclusion $ 45,600 $126,260 $ 260,112 $ 344,260 $ 500,000 Taxable Value - OLD Taxable Value - NEW Difference in Taxable $ 760 $ 1,500 $ 2,728 $ 3,500 $ 5,000 $ 456 $ 1,263 $ 2,601 $ 3,443 $ 5,000 -40.0% -15.8% -4.7% -1.6% 0.0% In order to evaluate the true impact to the residential property owner, you need to take into account the decrease in fiscal disparities, the change in the taxable value before the MVE, and the effects of the new MVE program. To help illustrate this, the following table shows the impact to the residential property owner due to the reduction in fiscal disparity dollars, changes in the assess market value, and changes in the City's overall taxable value before the new legislation. This would be an"apples-to-apples" comparison as it is the same formula used in 2011 if we use a 0% levy increase. Pay2012MV� 500,000�1.0% (87x�E)+ � �76,000�.40% � � � X0.934 rem(�1.25% � (B12xD) . -rem�.09% (G)x% (F)-(H) Annuallncrease Monthlvincr. Estimated Tax Dislrict rate es % of total rate: � �o � �_` 15�?��`�� 1,500 $365.06 $237.40 $49.85 $315.21 � � $2.33 $ 0.19 a� :��,80b�� 2,728 $663.91 $126.88 $26.64 $637.27 $4.06 $ 0.34 .40 ($5.18) $ (0.43) ($10.04) $ (0.84) ($13.84) $ (1.15)