HomeMy WebLinkAboutFY2011 Average Tax Bill.PDFRe: Average tax bill
Mary Mills
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From: Robert Andolina
Sent: Monday, Aprit .lB, 2011 11:03 pM
To: VCH-Trustees; Jeffrey Silber
Subject: Re: Average tax bill
on further reflection and with a little additional information, I think there might be a better way to lookat the "average" tax billquestion.
The county assessor provides us a figure representing the average value of a single family home invocH' That number is currently s3ss,t+s. lt was s355,572 last year. so, it went down a little and the taxbill paid by the owner of an "average single family home" in VocH would have changed as follows:
FY 2O1.t: $35S,522*5 .56 / tA = S 1,976.98
FY2O!2: 5355,145*5 .84/tA = 52,074.05
The increase in the tax bill the owner of an "average single family home" in the Village would be about
S97 for an increase of 4.91% from Fy2O11
This calculation takes out the consideration of commercial and multi-family properties and keys on thepopulation of single-family homes in the Village.
lf I understand Liz correctly, what would these numbers look like if we did not draw down any surplus tofund the Village budget? In my view, it's not really possible to draw nothing from the General Fundsurplusgiven the nature of the expense commitments we're expected to incur. please understand acouple things about the rate and corresponding deficit spend:
1' we funded about $325,000 of last year's budget out of General Fund surplus. we,d need to find
5325,500 in expens;e savings or revenue enhancements off last year's levels just to hold our taxrate unchanged.
2' In order to not fund anything out of surplus we would have to cut services, which wouldnecessarily be deepr and noticeable.
we are proposing to fund about s3zs,soo of the FY2o12 budget from General Fund surplus. we can,tcut that kind of money from this budget unless you wanted to suspend the road repair program orsomething equally dramatic' lf we could reduce the expense side by that much, we could reduce the taxrate by a significant amount as well, but it would essentially roll back the rate to a level seen many yearsago' l'm not sure that's the direction we want to take heading into an era of property rax caps.
jeff, feel free to elaborate or correct where l,m wrong, otherwise, I hope this helps a bit.Bob
ona/1-8/I1"1'2:39PM,''E|i;zabethKarns''<@>Wrote:
Thanks -- this is a good number that we can reflect on and tell people what it is for, drivenby etc. Perhaps we s;hould do a similar calculation without the surplus use.
04t19t2011
Re: Average tax bill
-----Original Message-----
From: Robert Andolina
Sent: Sat 4/16/20j.1.4:03 pM
To:VCH-Trustees
Cc: Jeffrey Silber
Subject: Average tax bill
Dear Bea, all,
Bea, you had raised the question as to how much the average property in VoCH would be payingfor FY2OI2 if the proposed budget resulted in the S5.g3lM rate.
By my calculations it would be approxim ately S2,Z4O.08 v 52070,00 in Fy 2011.
This is based on arx average property varue of s3g3,707 for Fy2o!2v approximatery s323,302 inFY2OI1.. The propc,sed rate of S5.g3 is of course versus 55.56 in Fy2}lrt.
These are my calculations, but are all based on numbers Jeff has provided us in his tentativebudget or came from the adopted FyZOl,L budget.
I hope this helps,
Bob
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