ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE LEVYING the TAXES for FISCAL YEAR 2021 for MUNICIPAL PURPOSES for the City of Peoria, Illinois.
Body
BACKGROUND: The attached ordinance levies the real estate taxes for fiscal year 2021. The total 2020 levy amount of $26,552,919 represents an anticipated rate of $1.3466. The attached ordinance levies a dollar amount and does not cap the tax rate at $1.3466. The property tax rate for the City of Peoria has been relatively stable the last twenty (20) years, with the lowest rate of $1.29 and the highest rate at $1.5665 which is due in part to the bond issued for the Peoria Public Library expansion in 2008 and the additional funds levied for road projects beginning in fiscal year 2016. Below is the summary of real estate tax rates levied for the City of Peoria and Library over the last ten years.
Year Levied City Tax Rate Library Tax Year Levied City Tax Rate Library Tax
Rate Rate
2010 .9602 .4309 2015 1.1222 .4397
2011 .9694 .4402 2016 1.1211 .4303
2012 .9619 .4443 2017 1.1228 .4269
2013 .9662 .4455 2018 1.1368 .4279
2014 .9565 .4405 2019 1.1258 .4407
FINANCIAL IMPACT: Property tax revenue in the amount of $26,552,919.
NEIGHBORHOOD CONCERNS: A Truth in Taxation hearing was not required as there was a decrease in property taxes levied.
IMPACT IF APPROVED: Property taxes will be levied in the amount of $26,552,919 at an estimated rate of $1.3466. The City will be in compliance with statutory requirements of levying taxes and adopting a balanced budget.
IMPACT IF DENIED: Property taxes will not be levied in the amount of $26,552,919 and anticipated revenues included in the budget will not be realized. The City would fail to meet statutory requirements for levying taxes and adopting a balanced budget.
ALTERNATIVES: Provide an alternative amount to be levied. Should that amount...
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