Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3...
Transcript of Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3...
Property Tax Digest and
2012 Millage Rate
June 19, 2012
Agenda
1 22012 Tax Digest 2012 Millage Rate
3Upcoming Dates
Steve Pruitt Maria Woods Maria Woods
Gwinnett County Net M&O Digest
$9.8 $10.5$11.5$12.4
$14.9$16.5
$17.9$19.4
$20.6$21.7
$23.1$25.2
$27.6$29.4 $29.0
$26.6$25.0
$22.8
$0
$5
$10
$15
$20
$25
$30
$35
Billion
s
2
25% decline in tax digest since
2008
Equates to a $270 million
loss in property tax revenues
Projected an 8.3% decrease in tax digest from 2011 to
2012
Gwinnett Net Tax Digest
$0$2$4$6$8
$10$12$14$16$18
Residential Commercial
3
Bill
ion
s
Number of Notices With Updated Values
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
4
Parc
els
5
Digest Level of AssessmentReal Property
80%
85%
90%
95%
100%
105%
110%
115%
120%
State’s allowable
assessment ratio
Board of Tax Assessor’s
Target
6
Digest Level of AssessmentReal Property
80%
85%
90%
95%
100%
105%
110%
115%
120%
State’s allowable
assessment ratio
Allowable assessment
ratio for Utility Billing
Real Property Tax Appeals
2,5644,541
5,0606,257 6,785
26,257
21,872
1,235 838 1,106 1,6942,843
4,838 3,936
0
5,000
10,000
15,000
20,000
25,000
30,000
2006 2007 2008 2009 2010 2011 YTD 2012
Residential Commercial
Sen
ate
Bill
34
6 i
mp
lem
en
ted
7
Total Real Property Value Changesand Appeals
8
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2006 2007 2008 2009 2010 2011 2012
Value Changes Appeals
Parc
els
Appeal Completion Datesthrough Board of Equalization
9
2008
2009
2010
2011
2012
6,166
7,951
9,628
31,095
25,808
November 15 December 1 December 15 January 1 January 15
2012 Preliminary Tax Digest
10
(in billions)
2012 Estimated Digest $22.787
2011 Final Digest $25.00
Real Property - Value Change (net of VOE) (1.575)
Real Property - Growth .140
2012 Preliminary Digest $23.565
Equates to a .78 millage rate roll‐up to remain revenue neutral in General Fund
2012 Millage Rate Option – 1Maintain 2011 Millage Rate
11
General Fund Recreation Fund Bond Fund
Decrease in revenue based on reduction in digest from 2011
$(14.8) million $(373,837) $(103,272)
2011 Millage Rate Change
2012 Millage Rate
% Increase/(Decrease)
General Fund 11.78 ‐ 11.78 ‐ %
Recreation Fund 1.00 ‐ 1.00 ‐ %
G.O. Bond Fund 0.24 ‐ 0.24 ‐ %
Total 13.02 ‐ 13.02 ‐ %
2011 Tax Bill @ 13.02 mills $ 760.562012 Tax Bill @ 13.02 mills 760.56
No change from 2011 Tax Bill $ ‐Per month $ ‐
Tax Bill Comparison - $170,000 FMV
2012 Millage Rate Option – 2General Fund Roll‐Up
12
General Fund Recreation Fund Bond Fund
Decrease in revenue based on reduction in digest from 2011
$(14.8) million $(373,837) $(103,272)
Option 2 Adjustment 18.5 million ‐ ‐
Total RevenueImpact $ 3.7 million $(373,837) $(103,272)
2011 Tax Bill @ 13.02 mills $ 760.562012 Tax Bill @ 14.22 mills 805.80
Increase from 2011 Tax Bill $45.24Per month $ 3.77
Tax Bill Comparison - $170,000 FMV2011
Millage Rate Change
2012 Millage Rate % Increase
General Fund 11.78 0. 78 12.56 6.62%
Recreation Fund 1.00 ‐ 1.00 ‐ %
G.O. Bond Fund 0.24 ‐ 0.24 ‐ %
Total 13.02 0. 78 13.80 5.99%
Required Five Year Ad
13
Upcoming Dates
Millage Rate Ad: June 29th
Millage Rate Adoption: July 17th
Tax Bill Mailed: August 15th
Tax Bill Due Date: October 15th
14
Questions
15