2015 City of Olympia Ad Valorem Tax Ordinance. Regular Levy: $ 13,282,8421% Increase over Highest Legal Levy 138,762New Construction $55.86 million 43,882Refund.

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Presentation transcript:

2015 City of Olympia Ad Valorem Tax Ordinance

Regular Levy: $ 13,282,8421% Increase over Highest Legal Levy 138,762New Construction $55.86 million 43,882Refund Levy 25,000Contingency, pending final valuations $13,490,486 Bond Levy: $1,191,510Fire Bonds $14,681,996Regular and Bond Levy 2015 Property Tax Levy Calculation Allocation of Regular Levy: $ 10,245,935General Fund ($10,187,486 shown in preliminary budget **) 1,751,791City Hall, debt service 561,4504 th /5 th Avenue Corridor, debt service 906,310Firemen’s Pension Fund 25,000General Fund, levy contingency $13,490,486 ** difference $58,447 is a combination of the refund levy and current new construction values greater than projected in the preliminary budget

City Levy Rate Per $1,000 Assessed Value

Total Assessed Value In $ Billion

$ 13,151,328.80Amount to which the 1% Increase Applied $ 13,282, % of above amount Less 13,198, Levy $ 84,791.57Increase over 2014 Levy %Percentage of Change Calculation of the Amount and Percent Change for the Ordinance

$ 44.56Regular Levy $ 4.22Excess Levy (Fire Bonds) Late Breaking News! Refund – State Assessed Utilities To receive these funds the Ordinance will need to be adjusted for the second reading next week.