AgdaPkt 2000-07-24 - Laserfiche WebLink

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. REPORT To the Honorable Mayor and City Council From the City Manager July 24, 2000 Subject Bond Service Tax Rates - 2000-2001 General Improvement District 1-64 Recommendation It is recommend that the attached ordinance setting the tax rates for General Improvement District No. 1-64 be adopted. Background The Finance Department has computed the tax rates required for bond interest and redemption in General Improvement District 1-64, using the Assessment Roll for the District as equalized by the City Council sitting as the Board of Equalization. ASSESSED VALUES COMPARED TO PRIOR YEARS 1997 -98 1998-99 1999-00 2000-01 Increase land $206,473,202 $286,217,933 $337,900,727 $454,239,270 34.4 % Improvement 304,945,957 373,782,554 436,085,189 479,383,750 9.9% Total $511,419,159 $660,000,487 $773,985,916 $933,623,020 20.4% Appraised values have increased due to new construction, both residential and commercial. Values for existing properties have also significantly increased. The recommended tax rates for bond service costs per $100 assessed valuation compared to prior years are: 1995-96 1996-97 1997 -98 1998-99 1999-00 2000-01 Reclamation Bonds 0.4727 0.4080 0,3211 0.2282 0.1985 0.1458 Facility Bonds 0.3709 0.3210 0.3181 0.2155 0.1760 O. 1466 The recommended 2000-2001 tax rate for Reclamation Bonds is 26% lower than in the previous year. The recommended rate for the Facility Bonds is 16.7% lower. The lower rates for the current year is due to debt service being spread over a greater appraised base. The impact of the rate change is illustrated by the following example where we assume that the market value of a home has increased 20%. For a four bedroom, 2 bath house with an appraised value of $500,000 in January 1999 (land value $220,000 and improvement _d- " ...-. eT