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<br /> PRCPERTY TAX LEVY <br />1. Existing Assessed Valuation $116,813,370 <br /> Increase due to Annexation 47 , 780 <br /> Increase due to New Construction 6,172,890 <br /> Changes in Reappraisals (5,658,210) <br /> Tota 1 New Assessed Va luat ion $117,375,830 <br />2. Prior years Property Tax Revenue $594,919 <br /> Multiplied by H.B. 1003 Allowable Increase 1 .055% <br /> $627,640 <br />3. Carputat ion to determine Mi 11 Levy <br /> for the growth exemptions: A llowab le <br /> increase divided by existing valuations <br /> $627,640 ~ 116,813,370 = 5.373 <br />4. Portions of New Assessed Valuation <br /> exempted by growth <br /> Annexations $47,780 <br /> New Construction 6,172,890 <br /> Total Exempt due to growth $6,220,670 <br />5. Revenue from exempted portions: <br /> Assessed valuation due to growth $6,220,670 <br /> Multiplied by Mill Levy (From #3) 5.373 <br /> Exempt Revenue $ 33,424 <br />6. The City's maximum allowable revenue <br /> under H.B. 1003 is: <br /> Allowable increase (from #2) $627,640 <br /> Exempted revenue due to growth (from #5) 33,424 <br /> Total allowable revenue $661,064 <br />7. Adjustments for 1988 tax credits <br /> Total allowable revenue (from #6) $661,064 <br /> Tax ciedits 2,749 <br /> Total allowable revenue $663,813 <br />8. New Mi 11 Levy: <br /> Allowable Revenue (from #7) <br /> divided by new assessed valuation <br /> (from #1) and multiply by 1,000 <br /> $662,812 ~ 117~375~830 = 5.555 !~11~s <br />