1
GENERAL OVERVIEW
Levy Increase Ramp for Police and Fire Pension Contributions
The 2015 Appropriation Ordinance included a City levy of $868,156,000
To meet the required pension contributions for Police and Fire pension funds the City proposes to increase the levy as follows:
Levy Increase over 2015 AO Incremental Increase Y-O-Y 2015*
$318,156,000
2016
$427,675,000 $109,519,000
2017
$480,802,000 $53,127,000
2018
$544,232,000 $63,430,000
*2015 Supplemental Ordinance
Impact of the Property Tax Increase
Tax bills for all properties will increase from the 2015 Appropriation Ordinance baseline by:
o
2015 supplemental: 7.1%
o
2016: 9.6%
o
2017: 10.8%
o
2018: 12.2%
Estimated Tax Bills for Homes with Current HOE ($7,000) Levy Tax Rate Home Values $100K $150K $200K $250K $300K $400K $500K
% Increase
2015 Baseline 6.862% $1,390 $2,325 $3,260 $4,195 $5,130 $7,000 $8,870 2015+$318M 7.352% $1,489 $2,491 $3,493 $4,495 $5,497 $7,500 $9,504
7.1%
2015+$428M 7.521% $1,523 $2,548 $3,573 $4,598 $5,623 $7,672 $9,722
9.6%
2015+$481M 7.603% $1,540 $2,576 $3,612 $4,648 $5,684 $7,756 $9,828
10.8%
2015+$544M 7.701% $1,560 $2,609 $3,658 $4,708 $5,757 $7,856 $9,954
12.2%
The incremental year-over-year increase is:
o
2015 supplemental: 7.1%
o
2016: 2.5%
o
2017: 1.2%
o
2018: 1.4%
2
Estimated Tax Bills: Year - Over - Year Increase Home Value 2015 Baseline
2015 Supplemental 2016 2017 2018
2015+ $318M
Y-O-Y Increase
2015+ $428M
Y-O-Y Increase
2015+ $481M
Y-O-Y Increase
2015+ $544M
Y-O-Y Increase
$100K $1,390 $1,489
$99
$1,523
$34
$1,540
$17
$1,560
$20
$150K $2,325 $2,491
$166
$2,548
$57
$2,576
$28
$2,609
$33
$200K $3,260 $3,493
$233
$3,573
$80
$3,612
$39
$3,658
$46
$250K $4,195 $4,495
$300
$4,598
$103
$4,648
$50
$4,708
$60
$300K $5,130 $5,497
$367
$5,623
$126
$5,684
$61
$5,757
$73
$400K $7,000 $7,500
$500
$7,672
$172
$7,756
$83
$7,856
$100
$500K $8,870 $9,504
$634
$9,722
$218
$9,828
$106
$9,954
$126
% Y-O-Y increase: 7.1% 2.5% 1.2% 1.4%
Helping Homeowners by Increasing the Homeowner Exemption
To help protect all homeowners, especially those who can least afford it, the City is working with the State to increase the Homeowner
’
s Exemption (HOE), currently at $7,000.
The table below shows the impact of increasing the HOE to $14,000 for all taxing bodies that are solely within the city limits, which would help all homeowners.
Homeowners' Tax Bill after Levy Increase and Doubling HOE Home Value 2015 Base Line Estimated Levy 2015+$318M 2015+$428M 2015+481M 2015+544M
$100K $1,390 $1,050 $1,072 $1,083 $1,096 $150K $2,325 $2,052 $2,097 $2,119 $2,145 $200K $3,260 $3,053 $3,122 $3,155 $3,195 $250K $4,195 $4,055 $4,147 $4,191 $4,244 $300K $5,130 $5,057 $5,172 $5,227 $5,293 $400K $7,000 $7,061 $7,221 $7,299 $7,392 $500K $8,870 $9,065 $9,271 $9,371 $9,491
HOE City Agencies: $7,000 $14,000 $14,000 $14,000 $14,000
Meanwhile, homeowners living in homes valued at $250,000 or less will see little or no increase and most
–
nearly 290,000
–
will see a decrease in their overall bill.
The HOE for county-wide taxing bodies remains at $7,000.
The table below shows the change in tax bills from the 2015 baseline amount.
Impact to Homeowners' Tax Bill of a Levy Increase and Corresponding HOE Increase Home Value 2015 Base Line Estimated Levy 2015+$318M 2015+$428M 2015+481M 2015+544M
$100K $1,390 ($340) ($318) ($307) ($294)
$150K $2,325 ($273) ($228) ($206) ($180)
$200K $3,260 ($206) ($138) ($105) ($65)
$250K $4,195 ($140) ($48) ($4) $49
$300K $5,130 ($73) $42 $97 $163 $400K $7,000 $61 $221 $299 $392 $500K $8,870 $195 $401 $501 $620
HOE City Agencies: $7,000 $14,000 $14,000 $14,000 $14,000