Item 23: Setting Maximum Proposed Tax Rate

[COSM_Admin]

Consider approval of Resolution 2022-187R, setting a maximum proposed Tax Rate of $60.30 cents per $100 taxable value; and declaring an effective rate.

 

[JHughson]

Please remind us of the tax rates for the last few years starting with the year before the last bond election
AND
the exemptions we passed this year including the Homeowner's exemption and the values of each. Thanks.

 

[COSM_Admin]

Please remind us of the tax rates for the last few years starting with the year before the last bond election
AND
the exemptions we passed this year including the Homeowner's exemption and the values of each. Thanks.

Response provided by Jon Locke, Finance Director:
Tax rates beginning with the year before the last bond election:

• FY 2017 53.02¢
• FY 2018 61.39¢
• FY 2019 61.39¢
• FY 2020 61.39¢
• FY 2021 59.30¢
• FY 2022 60.30¢
• FY 2023 59.30¢ (Proposed)

Exemptions:

1. Over 65 and Disabled Exemption increased from $25,000 to $35,000. Total property value exempted in FY 2023 is $82.9 million equating to $491,849 in taxpayer savings. Of that amount, the exempted property value associated with the $10,000 exemption increase is $23.7 million equating to $140,528 in taxpayer savings.

1. The Homestead Exemption was established at $15,000. Total value exempted in FY 2023 is also $82.9 equating to $491,514 in taxpayer savings.