Let’s look at the City Auditor analysis again tonight, click here.
- Current Taxable Assessed Value (FY16) equals 11,236,881,245
- Assume it increases 1.8% next year that equates to 11,439,145,107
- Levy Ceiling at 2.5% equates to $285,978,267
- The projected Tax Levy with a 4% increase over this year projects to be $285,800,00.
Once your Tax Levy hits the Tax Levy Ceiling, that means you have no Excess Tax Levy.
- Do you think that it is far fetched to think that the Taxable Assessed Value will only go up 1.8%? The last two years the increase was lower at 1.3% and .6% respectively.
- Do you think projecting a 4% increase in the Tax Levy is too high? The last two years it was higher at 4.4% and 5% respectively.
We project, on this night of projections, that the increase in the Taxable Assessed Value in FY17 (next year) will not be enough to surpass the Tax Levy and the remaining 6.1 million in Excess tax Levy capacity will be gone.