[Summit] actual property tax increase likely to be lower than it looks

[John Landry]

Thanks for the notice, Jim.  I bet Jeff is right that the net increase  
for us won't be so high.  The city expects to raise only an additional  
$16 million with the higher rates, which works out to an increase of  
only 5.37%.  The homeowner rate after the exemption is going up the  
14% you've mentioned, the commercial/industrial/mixed use rate is  
going up 9%, while the rate for tangible personal property is  
unchanged.  Unclear if the motor vehicle tax rate is changing -- the  
ad doesn't say.
	In the actual budget figures in the ad, the revenue from local  
property taxes will go up only 5.14%.  As for city spending, the  
budget calls for a reduction of 3.41%.
	I wonder if it's possible for us as a neighborhood association to  
start thinking about tradeoffs.  No one wants higher property taxes.   
But what if the alternative is streets with more potholes and  
sinkholes, fewer police patrols, and other essential services?  The  
city has to get the money somewhere.  Rather than simply try to argue  
against individual painful choices the city might make, is there some  
way for us to communicate priorities?  -John Landry

On Jun 13, 2011, at 7:20 AM, Jeffrey Cavanaugh wrote:

Is there a re-evaluation happening too?  Don't they do a statistical  
re-evaluation annually?  If so, that could lower the effective tax  
increase if property values have decreased.

On Mon, Jun 13, 2011 at 7:06 AM, Jim Kelley <jim-kelley2 at cox.net> wrote:
Did you see in today's PROJO (page B8) that the Mayor's budget  
includes a residential tax rate increase from $15.19 to $17.25 (this  
is the effective rate after the homestead exemption).
  A 14% increase! Wow.
Jim Kelley

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