Thursday, October 21, 2010

Beloit: Drop in Property Valuation Leads to (Proposed) Hike in Tax Rate

Proposed 3% increase for the library.

Link to October 16 Beloit Daily News article, "Beloit budget hearing slated".

Excerpt: The Beloit City Council will hold a public hearing on Monday for the proposed 2011 budget.

City Manager Larry Arft introduced the budget to the council two weeks ago when he called for a property tax rate increase of more than $1 per $1,000 assessed valuation — a boost exceeding 12 percent.

The rate hike will increase the levy — the amount raised through property taxes to fund the city’s portion of property taxes — by $568,585, or 4.49 percent.

That variance — a relatively large tax rate increase to raise a more modest levy increase — occurs because the city’s overall property valuation has dropped 7.4 percent from $1.684 billion to $1.558 billion.

The proposed 2011 tax rate is $9.987 per $1,000 of assessed value, an increase of $1.09 or 12 percent from 2010’s rate of $8.895

Link to 2011 proposed budget.

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