Tax Levy Hearing September 26, 2016

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Presentation transcript:

Tax Levy Hearing September 26, 2016 Good Evening, President Latham, Board of Education, Dr. Collins-Hart, and district patrons. I am here to present the assessed valuation information and proposed tax rates tonight. As a reminder, assessed values are determined and compiled by the St. Louis County Assessor’s office, and then reported to the district.

Assessed Valuation Real Estate Non-reassessment year Changes due to decrease in TIF values and by settlements of prior years’ protests Increases also due to new construction Personal Property Values are determined from self-reported assets by individuals and businesses The net increase in assessed values is primarily due to a decrease in TIF values.

New Construction – Assessed Value Actual Projected Residential $ 1,135,600 $ 500,000 Commercial $ 16,912,620 $ 1,500,000 Total $ 18,048,220 $ 2,000,000 Here…you can see that new construction is above our projections. The $18.0 million in new construction increased significantly from the 2015 new construction of $2.0 million.

Residential Real Estate Assessed Valuation Residential Real Estate 2015 $ 807,798,730 2016 $ 806,344,860 (Decrease) $ (1,453,780) % Change - .10% Projected Change 0.06% The decrease in residential values is due to protested assessments.

Agricultural Real Estate Assessed Valuation Agricultural Real Estate 2015 $ 953,780 2016 $ 962,600 Increase $ 8,820 % Change .92% Projected Change 0.00% NOTE (if needed) Agricultural real estate is a very small portion of the district’s total assessed valuation, and therefore, has little effect on our revenue. (about $35,000 in operating revenue)

Commercial Real Estate Assessed Valuation Commercial Real Estate 2015 $ 415,063,080 2016 $ 420,420,360 Increase $ 5,357,280 % Change 1.29% Projected Change .32% The increase in Commercial Real estate is attributable to a decline in TIF values.

Assessed Valuation Personal Property 2015 $ 369,441,620 2015 $ 369,441,620 2016 $ 371,099,060 Increase $ 1,657,440 % Change .45% Projected Change 2.50% Personal property assessed value increased modestly, but below our projections.

Assessed Valuation Total All Sources 2015 $ 1,593,257,210 2015 $ 1,593,257,210 2016 $ 1,598,826,880 Increase $ 5,569,670 % Change .35% Projected Change .70% Current estimated operating tax revenue is about $1 million lower than what we budgeted. That is based on an estimated collection rate. However, as in the prior year, the real unknown will be delinquent tax revenue, due to refunds from prior years.

Total Tax Levy by Sub-Class of Property Real Estate Residential $6.2204 $6.5204 $ .3000 Agricultural $4.8365 $5.3711 $ .5346 Commercial $6.3677 $6.6677 $ .3000 Personal Property $6.3450 $6.6450 $ .3000 “Blended Rate” $6.2868 $6.5872 $ .3004 2015 Actual 2016 Proposed Difference NOTES The proposed increase in the debt service rate is due to the decline in the debt service fund balance in the past 5 years reflecting the decline in assessed values of about 22%.

Debt Service Fund Balance

2016 Proposed Tax Levy – By Fund Operating Levy- Incidental Fund only $ 5.3472 Debt Service Levy $ 1.2400 Total Tax Levy $ 6.5872

Assessed Valuation Primary change in non-reassessment years are changes in TIF values, new construction, any protested values, and personal property. NOTES- operating revenue Every $1 million in AV = $53,467 Every 1 cent = $160,281 I estimated total of $1,582,394 Final Estimates Residential- $816,027,602 -0.98% Ag-$558,714 -5.00% Commercial- $418,833,623 -0.89% Personal property- $340,497,321 1.0% 2007, 2009, 2011, 2013 reassessment year

Tax Levy Hearing September 26, 2016 Good Evening, President Latham, Board of Education, Dr. Collins-Hart, and district patrons. I am here to present the assessed valuation information and proposed tax rates tonight. As a reminder, assessed values are determined and compiled by the St. Louis County Assessor’s office, and then reported to the district.