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 2018 for MUNICIPAL PURPOSES for the City of Peoria, Illinois.
Body
BACKGROUND: The attached ordinance levies the real estate taxes for fiscal year 2018. The total 2018 levy amount of $28,478,081 represents an anticipated tax rate of $1.34629. The attached ordinance levies a dollar amount and does not cap the tax rate at $1.34629. The property tax rate for the City of Peoria has been relatively stable the last twenty years, with the lowest rate at $1.249 and the highest rate at $1.5619 which is due impart 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.
CityTax Library Tax City Tax Library Tax
Year Levied Rate Rate Year Levied Rate Rate
2007 .9340 .3367 2012 .9619 .4443
2008 .9469 .4392 2013 .9662 .4455
2009 .9975 .3890 2014 .9565 .4405
2010 .9602 .4309 2015 1.1222 .4397
2011 .9694 .4402 2016 1.1211 .4303
FINANCIAL IMPACT: Property Tax revenue in the amount $28,478,081.
NEIGHBORHOOD CONCERNS: No concerns expressed during citizens opportunity to address the budget. A Truth in Taxation hearing was not required as the increase in property taxes was less than 5%.
IMPACT IF APPROVED: Property taxes would be levied in the amount of $28,478,081 at an estimated rate of $1.34583. The City would be in compliance meeting...
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