R89-155 REGARDING ANNUAL LEVY - Laserfiche WebLink

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r , (.. • COUNCIL MEMORANDUM #89-76 November 16 , 1989 T0: The Honorabl Mayor and City Council Members FROM: James C. B , Jr. , City Manager RE: Resolution Regarding Annual Property Tax Levy The attached resolution sets forth the amounts projected to be levied for collection in the upcoming fiscal year. The resolution includes an analysis and projection of property tax levies by function. Your attention is called par- ticularly to the section entitled Tax Levy Ordinance in which a $300 ,000 increase is shown for the proposed 1989 levy. This one item accounts for the majority of changes in the proposed 1989 levy. The City of Decatur, through the establishment of the En- terprise Zone, is required by law to have an abatement of taxes for property within the Zone. Pursuant to state statutes the City' s levy is extended and then the Enterprise Zone property is removed from the equalized property value of the City' s district. It is estimated that approximately $250 ,000 to $300 , 000 of the requested $5 ,225 ,877 will not be actually received by the City, due to the Enterprise Zone tax abatements . Thus to receive $700 ,000 for the corporate levy, we must request $1,000 ,000 , as we will not receive an estimated $250 ,000 to $300 ,000 in real es- tate taxes. Thus, the actual change in anticipated property tax levies will be $7 ,286 ,466 .00 or 1.75$ . However, since State law requires the City to represent tax collections for the Enterprise Zone prior to collection we must show the higher amount. A second change involving the resolution involves the timing of filing. In previous years the levy had to be filed with the County Clerk on or before the second Tuesday in September start- ing in 1989 , the levy must be filed by the second Tuesday in December for 1989 , that is December 12 . To comply with the Truth in Taxation Act, certain disclosure dates must be met. The resolution to adopt a levy may not be less than 20 days prior to the actual adoption of the levy. A , publication notice announcing the public hearing on the Council' s , intent to adopt a levy, in the amount of 105� of the previous year' s extension, shall appear no more than 14 days nor less than 7 days prior to the date of the public hearing. These require- ments lead to the following tentative schedule: