Village begins discussion on 2019 tax levy
BY DANI TIETZ
dani@mahometnews.com
The Village of Mahomet Board of Trustees got its first look at the proposed 2019 tax levy on Sept. 24.
The Village has to file the tax levy with the County prior to the fourth Tuesday of Dec., which falls on Dec. 24 this year. With the holidays, the Village will look to have the tax levy filed by Dec. 17.
Finance and HR Director Robert Kouzmanoff said the levy, which is based off the estimated Equalized Assessed Valuation (EAV) from the Champaign County Assessor’s Office often differs from the actual EAV.
For example, in 2018, the estimated EAV for incorporated properties in Mahomet was $207,291,737 whereas the actual EAV was $205,437,712.
Preliminary EAV for incorporated Mahomet in 2019 is currently $213,150,008, an estimated increase of $7.7 million, although the number is still subject to County Board of Review changes and the application of the township equalization.
Kouzmanoff’s report states that the increase in EAV might be attributed to parcels being reassessed, residential and commercial growth within Village limits, property annexations, general obligation bonds and police pensions.
The Champaign County Assessment Office shows that residential growth has added $4,340,650 in value and that commercial property has added $233,520 in value.
Although the Village has levied a dollar amount with the estimated EAV, the municipality receives less than what is levied because it is subject to the Property Tax Extension Limitation Law (PTELL), or tax caps.
In fiscal year 2018/2019, the Village levied for $2,339,732.76 but received approximately $1,717,048.42, plus a portion of the township road and bridge levy.
The Village plans to levy for $2,384,025.81, a 1.89-percent increase of the 2018 tax levy. Kouzmanoff’s reports states that the amount will be less because the tax caps, set by the County, and the tax rate will be less than the preliminary rate of $1.11. The preliminary County rate in 2018 was $1.13, but the actual rate was .8358.
The Village receives approximately 11-percent of the overall tax bill in Mahomet. The property’s value and the amount the other taxing bodies levy for will increase or decrease the total amount of the bill.
Kouzmanoff’s report states that increased property values help to cover Village costs of Village services due to inflation and the cost of living adjustments.
The Village will vote to adopt the tentative tax levy on Oct. 22. A truth in taxation notice will be published on Nov. 15 and a public hearing on the levy will be held on Nov. 26 when the board will also vote to adopt the tax levy.
[pdf-embedder url=”https://mahometdaily.com/wp-content/uploads/2019/10/Mahomet-Tax-Levy-Proposal-2019.pdf” title=”Mahomet Tax Levy Proposal 2019″]
