This notice concerns the 2011 property tax rates for City of Mount Vernon. It presents information about three tax rates. Last year's tax rate is the actual tax rate the taxing unit used to determine property taxes last year. This year's effective tax rate would impose the same total taxes as last year if you compare properties taxed in both years. This year's rollback tax rate is the highest tax rate the taxing unit can set before taxpayers start rollback procedures. In each case these rates are found by dividing the total amount of taxes by the tax base (the total value of taxable property) with adjustments as required by state law. The rates are given per $100 of property value.
Last year's tax rate:
|Last year's operating taxes||$342,940|
|Last year's debt taxes||$193,053|
|Last year's total taxes||$535,993|
|Last year's tax base||$86,245,165|
|Last year's total tax rate||$0.621476/$100|
This year's effective tax rate:
|Last year's adjusted taxes (after subtracting taxes on lost property)||$535,709|
|÷ This year's adjusted tax base (after subtracting value of new property)||$88,215,420|
|=This year's effective tax rate||$0.607273/$100|
(Maximum rate unless unit publishes notices and holds hearings.)
This year's rollback tax rate:
|Last year's adjusted operating taxes (after subtracting taxes on lost property and adjusting for any transferred function, tax increment financing, state criminal justice mandate, and/or enhanced indigent healthcare expenditures)||$890,590|
|÷ This year's adjusted tax base||$88,215,420|
|=This year's effective operating rate||$88,215,420|
|x 1.08=this year's maximum operating rate||$1.090328/$100|
|+ This year's debt rate||$0.175645/$100|
|= This year's total rollback rate||$1.265973/$100|
|-Sales tax adjustment rate||$0.616092/$100|
|=Rollback tax rate||$0.649881/$100|
Statement of Increase/Decrease
If City of Mount Vernon adopts a 2011 tax rate equal to the effective tax rate of $0.607273 per $100 of value, taxes would increase compared to 2010 taxes by $3,775.
Schedule A - Unencumbered Fund Balance
The following estimated balances will be left in the unit's property tax accounts at the end of the fiscal year. These balances are not encumbered by a corresponding debt obligation.
|Type of Property Tax Fund||Balance|
Schedule B - 2011 Debt Service
The unit plans to pay the following amounts for long-term debts that are secured by property taxes. These amounts will be paid from property tax revenues (or additional sales tax revenues, if applicable).
|Description of Debt||Principal or Contract Payment to be Paid from Property Taxes||Interest to be Paid from Property Taxes||Other Amounts to be Paid||Total Payment|
|Total required for 2011 debt service||$152,999|
|- Amount (if any) paid from Schedule A||$0|
|- Amount (if any) paid from other resources||$0|
|- Excess collections last year||$0|
|= Total to be paid from taxes in 2011||$152,999|
|+ Amount added in anticipation that the unit will collect only 98.00% of its taxes in 2011||$3,122|
|= Total debt levy||$156,121|
Schedule C - Expected Revenue from Additional Sales Tax
In calculating its effective and rollback tax rates, the unit estimated that it will receive $547,606 in additional sales and use tax revenues.
This notice contains a summary of actual effective and rollback tax rates' calculations. You can inspect a copy of the full calculations at 208 Hwy 37 South.
Name of person preparing this notice: Sue Ann Harper
Title: Tax Assessor/Collector
Date Prepared: 07/29/2011