Swampscott Board of Selectman 1
Agenda 2
FY2018 REVALUATION RESULTS COMP. 2017 v. 2018 Property Type Description FY 2017 Parcel Count FY 2017 Assessed Value FY 2018 Parcel Count FY 2018 Assessed Value Assessed Value Diff Assessed Value % Diff 101 Single Family 3,448 1,822,855,500 3,453 1,958,152,100 135,296,600 7.4% 102 Condominiums 1,051 308,127,600 1,067 331,796,900 23,669,300 7.7% Miscellaneous MISC 103,109 Residential 13 9,813,000 12 9,602,000-211,000-2.2% 104 Two - Family 434 179,300,100 430 197,718,100 18,418,000 10.3% 105 Three - Family 55 30,023,900 54 30,640,000 616,100 2.1% 111-125 Apartment 18 71,403,400 18 96,988,000 25,584,600 35.8% 130-32,106 Vacant / Accessory Land 223 16,077,600 215 16,149,700 72,100 0.4% 300-393 Commercial 89 112,983,200 88 128,475,900 15,492,700 13.7% 400-442 Industrial 26 11,429,600 26 13,001,200 1,571,600 13.8% CH 61B LAND Recreational 5 2,324,616 5 2,359,413 34,797 1.5% 012-043 Multi-use - Residential 38 9,844,642 39 10,891,124 1,046,482 10.6% 012-043 Multi-use - Commercial 0 8,672,468 0 9,580,226 907,758 10.5% TOTAL PERSONAL Total Class 5 PROPERTY 306 33,291,050 274 41,940,440 8,649,390 26.0% Total Class 1 TOTAL RESIDENTIAL 5,280 2,447,445,742 5,288 2,651,937,924 204,492,182 8.4% Total Class 3 TOTAL COMMERCIAL 99 123,980,284 93 140,415,539 16,435,255 13.3% Total Class 4 TOTAL INDUSTRIAL 26 11,429,600 26 13,001,200 1,571,600 13.8% 3
FY2017 Budget DOR TAX RATE RECAP FORM (PAGE 4) Final FY2017 Appropriations Approved by Town Meeting
FY2017 State Charges: $600,318 State Charges: (primarily MBTA and Charter Schools) State Charges are added to amount to be raised by taxation
FY2017 Revenue to be Raised: Aid to Libraries Overlay is an estimate needed to pay for tax appeals and is added to the amount of revenue needed This is the amount of revenue needed to be raised in FY17
FY2017 Local Receipts Estimate: Meals Tax Interest on past due Tax Bills Nahant Tuition Dept. Revenues Building Permits This is first used to offset the amount of revenue needed
FY2017 State Aid: Typically referred to as Cherry Sheet by local officials. State Aid is primarily Educational Aid and Unrestricted Aid This is next used to offset the amount of revenue needed
FY2017 Revenue to be Raised: Carried over from prior 2 slides Water & Sewer Enterprise Fund Est. Revenue Tax Levy for FY2017 = 72.5% of spending Total Revenue other than property taxes
FY2017 Tax Levy Limit: Note: FY17 Tax Levy = $48,140,098.27 (2.3% under the Limit)
FY2017 Classification Review: Residential declines by 4.8363% from 93.5516% down to 88.7153% Commercial, Industrial & Personal increases 175% from 6.4484% to 11.2847% Commercial 8.29% This is a representation of the 175% CIP Shift in FY2017 Industrial 0.77% Pers Prop 2.23% Residential 88.71% This represents a continuation of the policy decisions made for the past several years.
FY2017 Tax Rate Recap:
SWAMPSCOTT LEVY ANALYSIS 2008-2017 FISCAL YEAR MAXIMUM TAX LEVY ACTUAL TAX LEVY EXCESS LEVY CAPACITY BUDGETED TAX LEVY DIFFERENCE FREE CASH USED TO REDUCE TAX LEVY 2008 $37,185,310 $37,175,423 $9,887 $37,112,314 $72,996 $500,000 2009 $38,739,222 $38,724,477 $14,745 $38,225,936 $513,286 $465,000 2010 $40,167,819 $40,163,797 $4,022 $40,145,733 $22,086 $350,000 2011 $40,178,659 $40,088,107 $90,552 $41,147,475 -$968,816 $539,000 2012 $42,402,257 $42,240,533 $161,724 $42,165,249 $237,008 $1,460,000 2013 $43,598,760 $43,392,174 $206,586 $43,392,175 $206,585 $315,000 2014 $44,441,197 $44,221,610 $219,587 $44,039,276 $401,921 $160,000 2015 $45,920,256 $45,631,905 $288,351 $45,382,630 $537,626 $1,200,000 2016 $47,568,904 $46,919,163 $649,741 $46,919,163 $649,741 $300,000 2017 $49,268,243 $48,140,098 $1,128,145 $48,983,904 $284,339 $300,000 13
$55,000,000 EXCESS LEVY CAPACITY 2004-2017 $50,000,000 $45,000,000 Excess Levy Capacity is the difference between the maximum property tax revenue a community is legally permitted to bill and the tax revenue actually billed $206,586 $161,724 $219,587 $288,351 $649,741 $1,128,145 $40,000,000 $14,745 $4,022 $90,552 $9,887 $35,000,000 $30,000,000 $25,000,000 $21,160 $27,972,879 $11,927 $28,997,205 $8,093 $32,643,004 $23,228 $35,394,941 $37,175,423 $38,724,477 $40,163,797 $40,088,107 $42,240,533 $43,392,174 $44,221,610 Actual Tax Revenue Billed per Year $45,631,905 $46,919,163 $48,140,098 $20,000,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TAX LEVY EXCESS LEVY CAPACITY 14
SWAMPSCOTT AVERAGE SINGLE-FAMILY TAX BILLS FISCAL YEAR AVERAGE ESSEX COUNTY SINGLE FAMILY ASSESSED VALUE AVERAGE ESSEX COUNTY SINGLE FAMILY TAX BILL AVERAGE SWAMPSCOTT SINGLE FAMILY ASSESSED VALUE AVERAGE SWAMPSCOTT SINGLE FAMILY TAX BILL 2017 $483,059.32 $6,850.26 $528,670.39 $9,225.30 2016 $463,612.35 $6,615.65 $522,108.89 $9,048.15 2015 $447,039.21 $6,360.32 $522,531.08 $8,961.41 2014 $426,066.00 $6,101.97 $459,520.55 $8,593.03 2013 $423,055.38 $5,935.71 $453,327.70 $8,540.69 2012 $428,445.21 $5,777.24 $465,633.74 $8,376.75 2011 $435,874.44 $5,591.76 $474,809.51 $7,881.84 2010 $453,087.29 $5,429.59 $475,929.82 $7,843.32 2009 $473,178.50 $5,246.44 $525,417.78 $7,534.49 2008 $489,638.15 $5,033.32 $535,037.20 $7,292.56 15
$489,638 $535,037 Average Assessed Single Family Home Value 2008-2017 Essex County / Swampscott $473,179 $525,418 $453,087 $475,930 $435,874 $474,810 $428,445 $465,634 $423,055 $453,328 $426,066 $459,521 $447,039 $522,531 $463,612 $522,109 $483,059 $528,670 109% 111% 105% 109% 109% 107% 108% 117% 113% 109% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 AVERAGE ESSEX COUNTY SINGLE FAMILY ASSESSED VALUE AVERAGE SWAMPSCOTT SINGLE FAMILY ASSESSED VALUE % SWAMPSCOTT HIGHER THAN COUNTY 16
$5,033 $7,293 $5,246 Average Assessed Single Family Tax Bill 2008-2017 Essex County / Swampscott $7,534 $7,843 $7,882 $8,377 $8,541 $8,593 $8,961 $9,048 $5,430 $5,592 $5,777 $5,936 $6,102 $6,360 $6,616 $6,850 $9,225 145% 144% 144% 141% 145% 144% 141% 141% 137% 135% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 AVERAGE ESSEX COUNTY SINGLE FAMILY TAX BILL AVERAGE SWAMPSCOTT SINGLE FAMILY TAX BILL % SWAMPSCOTT HIGHER THAN COUNTY Power (% SWAMPSCOTT HIGHER THAN COUNTY) 17
Swampscott Average Commercial/Industrial Tax Bill FISCAL YEAR AVERAGE ESSEX COUNTY COMMERCIAL/INDUSTRIAL ASSESSED VALUE AVERAGE ESSEX COUNTY COMMERCIAL/INDUSTRIAL TAX BILL AVERAGE SWAMPSCOTT COMMERCIAL/INDUSTRIAL ASSESSED VALUE AVERAGE SWAMPSCOTT COMMERCIAL/INDUSTRIAL TAX BILL 2010 $960,050 $15,971 $1,115,938 $34,125 2011 $929,591 $16,512 $1,103,013 $33,973 2012 $918,409 $17,074 $1,084,443 $36,231 2013 $907,016 $17,575 $1,095,391 $38,361 2014 $922,206 $18,258 $1,111,767 $38,678 2015 $966,106 $18,971 $1,169,461 $37,107 2016 $993,095 $19,645 $1,185,779 $38,028 2017 $1,000,201 $19,670 $1,177,477 $37,915 18
Average Assessed Commercial/Industrial Value 2010-2018 Essex County / Swampscott $960,050 $1,115,938 $929,591 $1,103,013 $918,409 $1,084,443 $907,016 $1,095,391 $922,206 $1,111,767 $966,106 $1,169,461 $993,095 $1,185,779 $1,000,201 $1,177,477 116% 119% 118% 121% 121% 121% 119% 118% 2010 2011 2012 2013 2014 2015 2016 2017 Average Essex County C&I Assessed Value Average Swampscott C&I Assessed Value % SWAMPSCOTT HIGHER THAN COUNTY 19
Average Commercial/Industrial Tax Bill 2010-2017 Essex County / Swampscott $15,971 $16,512 $17,074 $17,575 $18,258 $18,971 $19,645 $19,670 $34,125 $33,973 $36,231 $38,361 $38,678 $37,107 $38,028 $37,915 214% 206% 212% 218% 212% 196% 194% 193% 2010 2011 2012 2013 2014 2015 2016 2017 Average Essex County C&I Tax Bill % SWAMPSCOTT HIGHER THAN COUNTY Average Swampscott C&I Tax Bill 20
SUMMARY AS OF END OF FY2017: The Town is approximately $1.1 million under its tax levy limit and $17.2 million under the absolute levy ceiling. 72.5% of the cost of running the town is funded with local property tax revenue. Residential properties carried 88.7% of the tax burden of paying taxes.
PRELIMINARY LOOK AT FY2018: New Ocean House, Circa 1920s FY 2018 REVALUATION AND TAX CLASSIFICATION
Option #1: CALCULATION OF A SINGLE TAX RATE Class Full and Fair Cash Valuation Percentage Share 1. Residential 2,651,937,924 93.14% 2. Open Space 0 0.00% 3. Commercial 140,415,539 4.93% 4. Industrial 13,001,200 0.46% 5. Personal Prop. 41,940,440 1.47% C.I.P. Total Percentage Share = 6.86% TOTALS 2,847,295,103 100.00% (Tax Levy / Total Value) * 1,000 = Single Tax Rate per $1000 in Value ($48,031,755/ $2,847,295,103) * 1000 = $16.87 per $1000 in Assessed Value 23
Option #2: ESTABLISH A SPLIT TAX RATE Selection of a C.I.P. factor of more than 1.00 will shift some of the tax burden from the Residential taxpayers to the C.I.P. property taxpayers. The shift works by taking the percentage share of the C.I.P. properties and increasing it by any percentage between 100% - 175%, decreasing the Residential percentage share proportionally, and assess taxes to the respective classes of real estate and personal property based on the percentage share, as adjusted. 24
Option #2: ESTABLISHING A SPLIT TAX RATE-EFFECT ON TAX RATES C.I.P. SHIFT Res. % CIP % Res. TAX RATE C.I.P. TAX RATE Est. Average S.F. FY 18 Tax Bill Incr./(Decr.) vs. FY17 Average Condo Tax Bill Incr./(Decr.) vs. FY17 1.00 93.14% 6.86% $16.87 $16.87 $9,566 $341 $5,245 $129 1.70 88.34% 11.66% $16.00 $28.68 $9,073 ($153) $4,975 ($141) 1.71 88.27% 11.73% $15.99 $28.86 $9,067 ($158) $4,972 ($144) 1.72 88.20% 11.80% $15.98 $29.02 $9,061 ($164) $4,968 ($147) 1.73 88.13% 11.87% $15.96 $29.19 $9,050 ($175) $4,962 ($154) 1.74 88.06% 11.94% $15.95 $29.36 $9,044 ($181) $4,959 ($157) 1.75 87.99% 12.01% $15.94 $29.52 $9,039 ($187) $4,956 ($160) 25
Option #2: ESTABLISHING A SPLIT TAX RATE-EFFECT ON TAX RATES C.I.P. SHIFT Res. % CIP % Res. TAX RATE C.I.P. TAX RATE Est. Average FY 18 Comm. Tax Bill Incr./(Decr.) vs. FY17 1.00 93.14% 6.86% $16.87 $16.87 $25,213 ($15,112) 1.70 88.34% 11.66% $16.00 $28.68 $42,864 $2,539 1.71 88.27% 11.73% $15.99 $28.86 $43,133 $2,808 1.72 88.20% 11.80% $15.98 $29.02 $43,372 $3,047 1.73 88.13% 11.87% $15.96 $29.19 $43,626 $3,301 1.74 88.06% 11.94% $15.95 $29.36 $43,880 $3,556 1.75 87.99% 12.01% $15.94 $29.52 $44,120 $3,795 26
Residential Exemption Option 27
Residential Exemption Option Residential Exemption may be granted exempting up to 35% of owner-occupied residential properties. Exemption is paid for by shifting a higher tax burden on non owner-occupied and higher-valued residential properties. 28
Residential Exemption-Impact to Single Families # of Parcels ASSESSED VALUE RANGES Calculation of FY2018 Tax with no Exemption Calculation of FY2018 Gross Tax before exemption Calculation of Net Tax after exemption Calculation of Net Tax Savings/(Cost) 126 $100k - $299k $4,357.35 $6,126.02 $2,126.57 $2,230.78 374 $300k - $349k $5,219.55 $7,338.19 $3,310.73 $1,908.83 576 $350k - $399k $6,008.73 $8,447.69 $4,420.23 $1,588.50 535 $400k - $449k $6,786.22 $9,540.78 $5,513.31 $1,272.91 444 $450k - $499k $7,561.84 $10,631.22 $6,603.76 $958.08 259 $500k - $549k $8,368.24 $11,764.94 $7,737.48 $630.76 213 $550k - $599k $9,148.17 $12,861.45 $8,833.99 $314.19 163 $600k - $649k $9,954.29 $13,994.78 $9,967.32 ($13.02) 141 $650k - $699k $10,716.05 $15,065.73 $11,038.27 ($322.22) 106 $700k - $749k $11,561.73 $16,254.68 $12,227.22 ($665.49) 79 $750k - $799k $12,372.41 $17,394.41 $13,366.95 ($994.54) 63 $800k - $849k $13,139.20 $18,472.45 $14,444.99 ($1,305.79) 57 $850k - $899k $13,961.24 $19,628.15 $15,600.69 ($1,639.46) 77 $900k - $999k $15,024.87 $21,123.51 $17,096.05 ($2,071.19) 183 $1 mill - $1.9mill $21,121.72 $29,695.11 $25,667.65 ($4,545.92) 47 > $2.0 million $46,509.19 $65,387.45 $61,359.98 ($14,850.79) 29
Residential Exemption-Impact to Single Families $4,000.00 Residential Exemption Gains/(Losses) - Single Families Gain/(Loss) $2,000.00 $0.00 ($2,000.00) ($4,000.00) ($6,000.00) ($8,000.00) ($10,000.00) ($12,000.00) ($14,000.00) 2,527 SINGLE FAMILIES BENEFIT FROM EXEMPTION 916 SINGLE FAMILIES PAY FOR EXEMPTION ($16,000.00) $100k - $299k $300k - $349k $350k - $399k $400k - $449k $450k - $499k $500k - $549k $550k - $599k $600k - $649k $650k - $699k $700k - $749k Assessed Value Ranges $750k - $799k $800k - $849k $850k - $899k $900k - $999k $1 mill. - $1.9mill. > $2.0 million 30
Small Commercial Exemption Option 31
Small Commercial Exemption Small Commercial Exemption of up to 10% of value is allowed on commercial properties with: Annual Employment of less than 10 employees, and Property Value is less than $1.0 million. Similar to Residential Exemption, it is paid for by increasing taxes on other Commercial properties. 32
Small Commercial Exemption-Eligible Parcels Parcel ID Property Address FY2018 Tax @ no Exemption Calculation of FY2018 Gross Tax for Exemption Calculation of Net Tax Calculation of Net Tax Savings 1-109-0 62 BURRILL $6,849 $6,870 $6,183 $666 1-118-0 60 HUMPHREY $3,234 $3,244 $2,920 $315 1-160-0 45 NEW OCEAN $14,398 $14,442 $12,998 $1,400 12-102A-0 197 ESSEX $18,681 $18,738 $16,865 $1,817 13-134-0 330 ESSEX $5,168 $5,184 $4,666 $503 13-28-0 357 ESSEX $13,576 $13,618 $12,256 $1,320 17-36-0 230 SALEM $8,359 $8,385 $7,546 $813 19-174-0 461-463 HUMPHREY $3,921 $3,933 $3,539 $381 19-182-0 495-497 HUMPHREY $11,945 $11,981 $10,783 $1,162 19-184-0 509HUMPHREY $7,097 $7,119 $6,407 $690 2-143C-0 286 HUMPHREY $13,961 $14,003 $12,603 $1,358 3-102-0 145 BURRILL $6,694 $6,714 $6,043 $651 3-107-0 159 BURRILL ST $3,092 $3,102 $2,791 $301 3-96-0 33 COLUMBIA $10,126 $10,157 $9,141 $985 6-189-0 40 ESSEX $11,043 $11,077 $9,969 $1,074 33
Small Commercial Exemption-Who pays for it? Count FY2018 Value FY2018 Tax @ no Exemption Calculation of FY2018 Gross Tax for Exemption Calculation of Net Tax Calculation of Additional Tax 13 $0k - $100K $1,728 $1,734 $1,734 $5 20 $101K - $200K $4,692 $4,706 $4,706 $14 14 $201k - $300k $7,222 $7,244 $7,244 $22 12 $301k - $400k $10,520 $10,552 $10,552 $32 7 $401k - $500k $13,167 $13,208 $13,208 $40 8 $501 - $750k $19,336 $19,395 $19,395 $59 6 $751k - $1.0 mill. $25,930 $26,009 $26,009 $79 15 $1.0 - $2.0 mill. $46,995 $47,139 $47,139 $144 9 $2.0 - $4.0 mill. $82,590 $82,842 $745,578 $252 9 > $4.0 mill. $219,302 $219,972 $219,972 $670 34
FY 2018 TAX RATE RECAP
FY2018 Budget DOR TAX RATE RECAP FORM (PAGE 4) Final FY2017 Appropriations Approved by Town Meeting 36
FY2018 State Charges: $652,523 State Charges: (primarily MBTA and Charter Schools) State Charges are added to amount to be raised by taxation
FY2018 Revenue to be Raised: Aid to Libraries Overlay is an estimate needed to pay for tax appeals and is added to the amount of revenue needed The balance in the Overlay is $867,894 This is the amount of revenue needed to be raised in FY17
FY2018 Local Receipts Estimate: Meals Tax Interest charged on Late Tax Bills Nahant Tuition Dept. Revenues Building Permits This is first used to offset the amount of revenue needed
FY2018 State Aid: Typically referred to as Cherry Sheet by local officials. State Aid is primarily Educational Aid and Unrestricted Aid This is next used to offset the amount of revenue needed
FY2018 Revenue to be Raised: Carried over from prior 2 slides Water & Sewer Enterprise Fund Est. Revenue Tax Levy is $108K lower than FY2017! Tax Levy for FY2018 = 71.7% of spending Total Revenue other than property taxes
FY2018 Tax Levy Limit: Note: FY18 Tax Levy = $48,031,755 (4.3% under the Max.)
Share of tax burden based on 1.70% shift: The tax burden shifts as follows for FY2018: Residential declines by 5.15% from 93.14% down to 88.34% Commercial, Industrial & Personal increases 170% from 6.86% to 11.66% Commercial 8.93% Industrial 0.83% Pers Prop 2.67% Residential 87.58% 43
FY2018 Tax Rate Recap: Represents 170% C.I.P. Shift
Share of tax burden based on 1.75% shift: The tax burden shifts as follows for FY2018: Residential declines by 5.53% from 93.14% down to 87.99% Commercial, Industrial & Personal increases 175% from 6.86% to 12.02% Commercial 8.64% Industrial 0.80% Pers Prop 2.58% Residential 87.99% 45
FY2018 Tax Rate Recap: Represents 175% C.I.P. Shift
FY2018 Comparison Analysis: CIP Shift: 170% FY2018 ANALYSIS FY2017 VS. FY2018 COMPARISON ANALYSIS FY 2018 Assessed FY2018 Average FY2018 Average FY2018 Class Assessed Value Assessed Value Average Tax Average Tax Description Value Assessed Value Tax Bill Percentage Diff % Diff Bill Diff Bill % Diff Single Family 1,958,006,900 567,045 9,073 73.84% 135,151,400 7.41% -153-1.65% Condominiums 331,750,700 310,919 4,975 12.51% 23,623,100 7.67% -141-2.76% Miscellaneous Residential 9,602,000 800,167 12,803 0.36% -211,000-2.15% -369-2.80% Two - Family 197,735,900 459,851 7,358 7.46% 18,435,800 10.28% 148 2.06% Three - Family 30,640,000 567,407 9,079 1.16% 616,100 2.05% -447-4.70% Apartment 96,988,000 5,388,222 86,212 3.66% 25,584,600 35.83% 16,990 24.54% Vacant / Accessory Land 16,149,700 75,115 1,202 0.61% 72,100 0.45% -56-4.47% Multi-use - Residential 10,775,519 283,566 4,537 0.41% 930,877 9.46% 16 0.36% TOTAL RESIDENTIAL 2,651,648,719 501,541 8,025 100.00% 204,202,977 8.34% -64-0.79% Tax Rate 16.00 Commercial 128,690,800 1,445,964 41,687 65.85% 15,707,600 13.90% 810 1.98% Industrial 13,001,200 500,046 14,416 6.65% 1,571,600 13.75% 261 1.85% Recreational 2,359,413 471,883 13,604 1.21% 34,797 1.50% -1,366-9.13% Multi-use - Commercial 9,438,931 248,393 7,161 4.83% 766,463 8.84% -188-2.55% Individuals / Partnerships / Associations / Trusts / LLC 2,047,370 11,188 321 1.05% 262,070 14.68% -19-5.67% Corporations 5,439,930 41,526 1,191 2.78% -87,500-1.58% -222-15.69% Manufacturing 33,120 16,560 475 0.02% 0 0.00% -58-10.93% Public Utilities 18,835,680 9,417,840 270,104 9.64% 6,557,140 53.40% 72,419 36.63% Centrally Valued Telephone 3,285,500 1,642,750 47,114 1.68% 65,500 2.03% -4,728-9.12% Centrally Valued Pipelines 11,196,100 11,196,100 321,104 5.73% 2,080,500 22.82% 27,582 9.40% Wireless Telephone 1,102,740 275,685 7,907 0.56% -228,320-17.15% -2,808-26.21% TOTAL COMMERCIAL 140,489,144 1,494,565 43,088 71.89% 16,508,860 13.32% 2,763 6.85% Tax Rate 28.83 TOTAL INDUSTRIAL 13,001,200 500,046 14,416 6.65% 1,571,600 13.75% 261 1.85% Tax Rate 28.83 TOTAL PERSONAL PROPERTY 41,940,440 129,048 3,701 21.46% 8,649,390 25.98% 198 5.65% Tax Rate 28.68 TOTAL C.I.P. 195,430,784 100.00% 26,729,850 15.84% 47
FY2018 Comparison Analysis: CIP Shift: 175% FY2018 ANALYSIS FY2017 VS. FY2018 COMPARISON ANALYSIS FY 2018 Assessed FY2018 Average FY2018 Average FY2018 Class Assessed Value Assessed Value Average Tax Average Tax Description Value Assessed Value Tax Bill Percentage Diff % Diff Bill Diff Bill % Diff Single Family 1,958,006,900 567,045 9,039 73.84% 135,151,400 7.41% -187-2.02% Condominiums 331,750,700 310,919 4,956 12.51% 23,623,100 7.67% -160-3.12% Miscellaneous Residential 9,602,000 800,167 12,755 0.36% -211,000-2.15% -417-3.17% Two - Family 197,735,900 459,851 7,330 7.46% 18,435,800 10.28% 121 1.68% Three - Family 30,640,000 567,407 9,044 1.16% 616,100 2.05% -481-5.05% Apartment 96,988,000 5,388,222 85,888 3.66% 25,584,600 35.83% 16,667 24.08% Vacant / Accessory Land 16,149,700 75,115 1,197 0.61% 72,100 0.45% -61-4.83% Multi-use - Residential 10,775,519 283,566 4,520 0.41% 930,877 9.46% -1-0.02% TOTAL RESIDENTIAL 2,651,648,719 501,541 7,995 100.00% 204,202,977 8.34% -94-1.16% Tax Rate 15.94 Commercial 128,690,800 1,445,964 42,916 65.85% 15,707,600 13.90% 2,039 4.99% Industrial 13,001,200 500,046 14,841 6.65% 1,571,600 13.75% 686 4.85% Recreational 2,359,413 471,883 14,005 1.21% 34,797 1.50% -965-6.45% Multi-use - Commercial 9,438,931 248,393 7,372 4.83% 766,463 8.84% 24 0.32% Individuals / Partnerships / Associations / Trusts / LLC 2,047,370 11,188 330 1.05% 262,070 14.68% -10-2.88% Corporations 5,439,930 41,526 1,226 2.78% -87,500-1.58% -186-13.19% Manufacturing 33,120 16,560 489 0.02% 0 0.00% -44-8.29% Public Utilities 18,835,680 9,417,840 278,109 9.64% 6,557,140 53.40% 80,424 40.68% Centrally Valued Telephone 3,285,500 1,642,750 48,510 1.68% 65,500 2.03% -3,332-6.43% Centrally Valued Pipelines 11,196,100 11,196,100 330,621 5.73% 2,080,500 22.82% 37,099 12.64% Wireless Telephone 1,102,740 275,685 8,141 0.56% -228,320-17.15% -2,574-24.02% TOTAL COMMERCIAL 140,489,144 1,494,565 44,359 71.89% 16,508,860 13.32% 4,034 10.00% Tax Rate 29.68 TOTAL INDUSTRIAL 13,001,200 500,046 14,841 6.65% 1,571,600 13.75% 686 4.85% Tax Rate 29.68 TOTAL PERSONAL PROPERTY 41,940,440 129,048 3,811 21.46% 8,649,390 25.98% 308 8.78% Tax Rate 29.53 TOTAL C.I.P. 195,430,784 100.00% 26,729,850 15.84% 48
$55,000,000 $50,000,000 $45,000,000 $40,000,000 EXCESS LEVY CAPACITY 2004-2018 *2018 is an estimate Excess Levy Capacity is the difference between the maximum property tax revenue a community is legally permitted to bill and the tax revenue actually billed $9,887 $14,745 $4,022 $90,552 $161,724 $288,351 $219,587 $206,586 $649,741 $1,128,145 $2,032,923 $35,000,000 $30,000,000 $25,000,000 $21,160 $27,972,879 $11,927 $28,997,205 $8,093 $32,643,004 $23,228 $35,394,941 $37,175,423 $38,724,477 $40,163,797 $40,088,107 $42,240,533 $43,392,174 $44,221,610 Actual Tax Revenue Billed per Year $45,631,905 $46,919,163 $48,140,098 $48,031,755 $20,000,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018* TAX LEVY EXCESS LEVY CAPACITY 49
When was the last time the Average Single- Family Tax bill decreased? Year Average Single Family Value Single Family Tax Bill $ Increase % Incr. 1993 $211,265 $3,585 $260 7.82% 1994 $210,908 $3,560 -$25-0.70% 1995 $210,826 $3,727 $167 4.69% 1996 $224,479 $3,789 $62 1.66% 1997 $225,247 $3,958 $169 4.46% 1998 $226,480 $4,074 $116 2.93% 1999 $268,962 $4,161 $87 2.14% 2000 $280,630 $4,280 $119 2.86% 2001 $310,087 $4,478 $198 4.63% 2002 $391,068 $5,135 $657 14.67% 2003 $393,363 $5,318 $183 3.56% 2004 $453,487 $5,496 $178 3.35% 2005 $497,314 $5,615 $119 2.17% 2006 $523,116 $6,377 $762 13.57% 2007 $537,900 $6,917 $540 8.47% 2008 $535,037 $7,293 $376 5.44% 2009 $525,418 $7,534 $241 3.30% 2010 $475,930 $7,843 $309 4.10% 2011 $474,810 $7,882 $39 0.50% 2012 $465,634 $8,377 $495 6.28% 2013 $453,328 $8,541 $164 1.96% 2014 $459,521 $8,593 $52 0.61% 2015 $522,531 $8,961 $368 4.28% 2016 $522,109 $9,048 $87 0.97% 2017 $528,670 $9,225 $177 1.96% 2018* $567,087 $9,039 -$153-2.02% *2018 is estimated 50
C.I.P SHIFT AND TAX RATE HISTORY 2002 2018 *2018 is estimated Fiscal Year Single Tax Rate per $1000 Maximum CIP Shift CIP Shift Selected Residential Tax Rate CIP Tax Rate 2002 $13.86 175.00 175.00 $13.13 $23.56 2003 $14.27 175.00 175.00 $13.52 $24.26 2004 $12.78 175.00 175.00 $12.12 $22.37 2005 $11.93 175.00 175.00 $11.29 $20.87 2006 $12.86 175.00 175.00 $12.19 $22.50 2007 $13.56 175.00 175.00 $12.86 $23.74 2008 $14.41 175.00 175.00 $13.63 $25.21 2009 $15.22 175.00 175.00 $14.34 $26.63 2010 $17.47 175.00 175.00 $16.48 $30.58 2011 $17.60 175.00 175.00 $16.60 $30.80 2012 $19.09 175.00 175.00 $17.99 $33.41 2013 $20.01 175.00 175.00 $18.84 $35.02 2014 $19.89 174.87 174.87 $18.70 $34.79 2015 $18.13 175.00 175.00 $17.15 $31.73 2016 $17.51 175.00 175.00 $17.33 $32.07 2017 $18.40 175.00 175.00 $17.45 $32.20 2018* $16.89 175.00 170.00 $16.00 $28.83/$28.68 51
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