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SUBJECT: 2018 RECOMMENDED BUDGET AND 2018-2021 LONG-TERM PLAN <br />DATE: SEPTEMBER 26, 2017 PAGE 4 OF 24 <br />Center Bonds will be 2.750. A three year summary of the City's projected mil levy is <br />shown in the following table. <br />General Levy <br />Library Bonds Debt Service Levy <br />Rec Center Bonds Debt Service <br />Levy <br />Total City of Louisville Mil Levy <br />[1] Levy year <br />2016 [1] 2017 [1] 2018 [1] <br />Actual Estimate Estimate <br />5.184 <br />1.526 <br />6.710 <br />5.184 <br />0.900 <br />2.750 <br />5.184 <br />2.740 <br />8.834 7.924 <br />An example of the impact on a residential property with an 18.1% increase in actual <br />value and the changes in the residential assessment rate and mil levy is shown in the <br />following table. Near the end of this council communication is an alternative scenario <br />that assumes a change in the general fund mill levy as suggested for consideration at <br />the August 8, 2017 special meeting on the 2018 budget. <br />2017 [1] 2018 [1] 2019 [1] <br />Actual Estimate Estimate <br />Actual Value of Residential Property [2] $500,000 $590,500 $590,500 <br />x Residential Assessment Rate 7.96% 7.20% 7.20% <br />= Assessed Value $39,800 $42,516 $42,516 <br />x City of Louisville Mil Levy/1,000 0.006710 0.008834 0.007924 <br />= Property Tax due to City of Louisville $267 $376 $337 <br />[1] Collection Year <br />[2] As Determined by County Assessor <br />The City's net assessed valuation refers to its gross assessed valuation less the <br />incremental assessed valuation captured by the Urban Revitalization District. The <br />District's property tax revenue is determined by the overlapping mil levies applied to its <br />incremental assessed valuation. For the 2016 levy year (2017 collection year) the <br />District's overlapping levies were, as follows: <br />CITY COUNCIL COMMUNICATION <br />5 <br />