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Tax abatements in the 2022 Tax Levy are as follows:
<br /> Debt Issue Abatement$ Abatement amounts payable from
<br /> 2010 Series C GO 135,300.00 Olde Towne TIF Fund
<br /> 2012 Series GO Refunding 767,125.00 General Fund revenues
<br /> 2013 Series GO Refunding 1,875,250.00 Water Fund water projects
<br /> 2014 Series GO 1,873,287.50 Water Fund Lake dredging project
<br /> 2015 Series GO 1,755,025.00 Water Fund Lake dredging project
<br /> 2016 Series GO 1,742,006.26 Water Fund Lake dredging project
<br /> 2017 Series GO Refunding 1,153A'00.00 Water Fund water projects
<br /> 2018 Series GO 1,554,122.00 Water Fund for Lake dredging portion and
<br /> general fund revenues for new fire station
<br /> portion
<br /> 2019 Series GO Refunding 1,038,274.26 General Fund revenues and PILOT
<br /> 2019 Series B GO 239,270.00 Building Fund/Equipment Replacement Fund
<br /> 2020 Series GO Refunding 2,156,705.00 Water Fund for Lake dredging portion and
<br /> Olde Towne TIF Fund for downtown street
<br /> scape portion
<br /> 2022 Series GO 1,820,600.00 Water and Sewer Fund(s)
<br /> Total Abatements 16,110,365.02
<br /> Detailed elements of the 2022 tax levy are as follows,with comparison to the 2021 tax levy.
<br /> $(whole) 2022 2021 Change % Change
<br /> Tax levy Tax Levy
<br /> Police pension 5,530,000.00 5,200,015.85 329,984.15 6.3%
<br /> Fire pension 6,100,000.00 5,700,008.87 399,991.13 7.0%
<br /> Library 2,972,500.00 2,900,047.95 72,452.05 2.5%
<br /> Municipal band 66,700.00 65,074.25 1,626.75 2.5%
<br /> GO debt service 653,928.00 1,084,246.58 (430,318.58) (39.7)%
<br /> Total Tax Levy 15,323,128.00 14,949,393.50 . 373,734.50 2.5%
<br /> Pension fund increases reflect the actuarially determined contribution required to meet future
<br /> pension liabilities and achieve the future funding levels required in accordance with Public Act
<br /> 096-1495. Library and Municipal band increases reflect the 2.5% increase at the direction of the
<br /> Council. GO Debt Service reflects a reduction as other general fund revenue sources have been
<br /> identified to pay certain debt service obligations that otherwise would be paid from general
<br /> property taxation.
<br /> City has projected an increase in assessed value of 4.2%The increase is the result of anticipated
<br /> assessed value growth, council actioned annexations, and new commercial construction. The
<br /> anticipated assessed value growth is as follows:
<br /> Assessed valuation growth 3.84%
<br /> Annexation growth 0.18%
<br /> New commercial construction growth 0.19%
<br /> Total 4.21%
<br /> Percentage increase in assessed value contributing to the total anticipated growth in assessed value
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