8A, 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 Market Value Exclusion Market Value After Exclusion $ 76,000 $150,000 $ 272,800 $ 350,000 $ 413,800 30,400 23,740 12,688 5,740 - $ 45.600 $126.260 $ 260.112 $ 344,260 $ 413,800 Taxabte Capacity Value - OLD $ 760 $ 1,500 $ 2,728 $ 3,500 $ 4,138 Taxable Capacity Value - NEW $ 456 $ 1,263 $ 2,601 $ 3,443 $ 4,138 Difference in Taxable Ca aci -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 iiscal 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. Pay 2012 MV 500,000(d�1.0% X0.934 rem � 1.25% - Estimated Tax Distric� ��`� 950 QU�T � 1,500 ��3�.$b� 2.728 125 (B7 x E) + . 76;000(tD.40 % � .. � . . (B12 x D) � - rem(d1.09 % � (G) x � (F) - (H) �. is � oftotel rete: - '��'�/n r'�t- $365.06 $237.40 $49.85 $315.21 $663.91 $126.88 $26.64 $637.27 $851.80 $57.40 $12.05 $839.75 $1276.85 $0.00 $0.00 $1216.85 �1.977.38 $0.00 $O.OQ $1.977.38 Annual Increase Monlhlv incr. ($5.18) $ (0.43) ($10.04) $ (0.84) ($13.84) $ (1.15)