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2002_0506_packet
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Current Assessment Policv <br />Revised Assessment Policv: Effect with a Reduction in Assessment Revenues of 10% <br />100.000 I $ 321 I $ 326 I $ 5 I 1.43 % <br />125,000 401 407 6 1.43 % <br />140,500 451 458 6 1.43 % <br />175,000 562 570 8 1.43 % <br />200,000 642 651 9 1.43 % <br />Revised Assessment Policv: Effect with a Reduction in Assessment Revenues of 25% <br />100,000 I $ 321 I $ 327 I $ 6 I 1.96 % <br />125,000 401 409 8 1.96 % <br />140 500 451 460 9 1.96 % <br />175,000 562 573 11 1.96 % <br />200,000 642 655 13 1.96 % <br />As is evident in the tables above, reducing the current assessment rates can have a significant <br />impact on residential homeowners. For example, reducing the assessment revenue by 25% will <br />increase taxes on residential property by appro�mately 2%. Given that the City strives to limit <br />the annual tax increase to no more than the inflation rate, this particular policy change, <br />independent of all other factors, will consume most of the allowable increase. <br />With a few exceptions, any new tax levy would be subject to State-imposed levy limits. The <br />City currently has approximately $250,000 in available tax levy authority. The policy change <br />depicted in the last table (reducing assessment revenues by 25%), would require an increase in <br />tax levy of appro�mately $160,000. This will consume over half the allowable increase, and <br />would significantly limit the ability to increase funding for all other tax-supported programs and <br />services, <br />Attachment B <br />-4- <br />
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