AgdaPkt 2003-07-14 - Laserfiche WebLink

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iaA -► REPORT July 14, 2003 To the Honorable Mayor and City Council From the City Manager Subject Bond Service Tax Rates — 2003 -2004 General Improvement District 1 -64 Recommendation It is recommended that the attached ordinance setting the tax rates for General Improvement District No. 1 -64 be introduced. 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 fiscal years 2000 -01 2001 -02 2002 -03 2003 -04 Incr /(Decr) Land $454,239,270 $605,586,412 $498,390,162 $517,048,912 3.74% Improvement 479,383,750 525,304,000 532,357,750 548,847,750 3.10% Total $933,623,020 $1,130,890,412 $1,030,747,912$1,065,896, 3.41% Appraised values have increased due to a general increase in residential property values. The recommended tax rates for bond service costs per $100 assessed valuation compared to prior years are: 1998 -99 1999 -00 2000 -01 2001 -02 2002 -03 2003 -04 Reclamation Bonds 0.2282 0.1985 0.1458 0.1139 0.1362 0.1272 Facility Bonds 0.2155 0.1760 0.1466 0.1230 0.1359 0.1278 The recommended 2003 -2004 tax rate for Reclamation Bonds is 6.61 % lower than in the previous year. The recommended rate for the Facility Bonds is 5.96% lower. The lower rates for the current year are due to debt service being spread over a greater appraised base. Although lower, the rate will not necessarily yield a lower assessment, due to varying percentages of increase /decrease between residential and commercial property types. The impact of the rate change is illustrated by the following example where the market value of a home has increased 7.7% from the preceding year. For a four bedroom, 3 bath