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Of note, as the tax levy presented for approval defines the dollars to be raised in property tax
<br /> revenue, the final property tax rate will be dependent upon the final assessed value, which is not
<br /> yet determined. The final assessed value will be determined upon completion of the County
<br /> Assessor's valuation process, and approval/certification by the State of Illinois.
<br /> This tax levy and tax abatements will be used by County Officials to calculate the tax extensions
<br /> to appear on property tax bills issued to property owners in calendar year 2022 for property tax
<br /> due in calendar year 2022.
<br /> The property tax levy presented in the ordinance for Council consideration is $28,533,289.26 and
<br /> includes tax levy amounts for the Decatur Police Pension, Decatur Firefighter Pension, Decatur
<br /> Public Library, Decatur Municipal Band, and debt service payments for all General Obligation
<br /> Debt due in the fiscal year covered by the tax levy.
<br /> Abatement ordinances included amount to $13,584,135.26 of general obligation bond debt
<br /> service payments. Such tax abatement from the property tax levy is possible as the City has
<br /> secured alternative revenue sources sufficient to pay certain General Obligation debt service
<br /> amounts in the fiscal period 2022.
<br /> The resulting net tax levy after abatement is $14,949,154.00, with comparison as follows to the
<br /> prior year tax levy:
<br /> $(whole) Tax levy Tax Abatement(s) Net Tax Levy
<br /> 2021 Tax Levy 28,533,289.26 13,584,135.26 14,949,154.00
<br /> 2020 Tax Levy extended 27,711,366.04 13,248,678.76 14,462,765.22
<br /> Tax abatements in the 2021 Tax Levy are as follows:
<br /> Debt Issue Abatement$ Abatement amounts payable from
<br /> 2010 Series C GO 135,100.00 Olde Towne TIF Fund
<br /> 2012 Series GO Refunding 763,987.50 General Fund revenues
<br /> 2013 Series GO Refunding 1,876,500.00 Water Fund—water projects
<br /> 2014 Series GO 1,872,037.50 Water Fund—Lake dredging project
<br /> 2015 Series GO 1,749,875.00 Water Fund—Lake dredging project
<br /> 2016 Series GO 1,738,756.26 Water Fund—Lake dredging project
<br /> 2017 Series GO Refunding 1,145,200.00 Water Fund—water projects
<br /> 2018 Series GO 1,275,250.00 Water Fund—Lake dredging project
<br /> 2019 Series GO Refunding 669,664.00 General Fund revenues and PILOT
<br /> 2019 Series B GO 243,890.00 Building Fund/Equipment Replacement Fund
<br /> 2020 Series GO Refunding 2,113,875.00 Water Fund/Olde Towne TIF Fund
<br /> Total Abatements 13,584,135.26
<br /> POTENTIAL OBJECTION:
<br /> There are no known objections to this ordinance request.
<br /> INPUT FROM OTHER SOURCES:
<br /> No input from other sources.
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