|
City of Decatur,Illinois 9/26/2023 st
<br /> 2023 Proposed Property Tax Levy 10/11/2023 rj
<br /> Tax Levy Options Summary
<br /> For City Council Consideration
<br /> 2023 Proposed Tax Levy Options
<br /> Option Descriptions Current 2023 Proposed 2023 Proposed 2023 Proposed
<br /> 2022 Levy 3%Increase Option 5%Increase Option 7%Original Option
<br /> Assumptions
<br /> EAV Increase Assumption7.05% 10.82% 10.82% 10.82%
<br /> City Tax Rate Assumption 1.6190200 0.0150478 0.0153400 0.0156322
<br /> EAV$Assumption $ 946,457,554 $ 1,048,857,079 $ 1,048,857,079 $ 1,048,857,079
<br /> Decatur's Tax Levy Payment Obligations
<br /> General Obligation Bond Debt $ 654,002 $ 298,070 $ 604,538 $ 911,003
<br /> Police Pension $ 5,530,057 $ 6,066,260 $ 6,066,260 $ 6,066,260
<br /> Firefighter Pension $ 6,100,014 $ 6,276,169 $ 6,276,169 $ 6,276,169
<br /> note 1 note 1 note 1
<br /> Library $ 2,972,539 $ 3,072,539 $ 3,072,539 $ 3,072,539
<br /> note 2 note 2 note 2
<br /> Municipal Band $ 66,725 $ 70,000 $ 70,000 $ 70,000
<br /> Total
<br /> Tax Levy Amount $ 15,323,337 $ 15,783,038 $ 16,089,506 $ 16,395,971
<br /> Levy Increase Amount from Current $ 459,701 $ 766,169
<br /> $ 1,072,634
<br /> Levy Increase Percentage from Current 3.00% 5.00%
<br /> Notes:
<br /> 1.Pension amounts are reduced by the projected PILOT revenue amount. Police and Fire Pensions are projected at the actuarial contribution level
<br /> based upon the January 1,2023 Actuarial Valuation Report dated August 17,2023.
<br /> 2.Library fund includes$100,000 for salary and benefit increases.
<br /> 3. 2022 increase in the tax levy was 2.5%for the City of Decatur.
<br /> 4.Average increase for median household of a$114,000 home with a 10.82%increase in the tax levy will be less than$100
<br /> Assessed Valuation Projection Methodology
<br /> Overall EAV baseline 2022 $ 946,457,554 2021 EAV $884.161.072
<br /> 2022 growth 7.05%
<br /> Projected %Growth
<br /> County EAV as of Oct.10 $ 1,064,829,522 12.515/,
<br /> Possible Reductions:Board of Appeals $ (5,324,148) -0.50%
<br /> State Adjustment $ (10,648,295) -1.00%
<br /> Estimated 2023 EAV $ 1,048,857,079 10.82%
<br /> Projected Total EAV includes:
<br /> 1.Actual County Assessment Value used as of October 10,2023.
<br /> 2.Total EAV contains annexations and construction adjustments.
<br /> 3.2023 is a quadrennial assessment year providing a trueup of property values to market prices.
<br /> 4. EAV adjustment from initial filing with the state to final EAV varies from-1.5%to+1.2%overall.
<br />
|