LINK to 8/30/2010 Special Meeting Agenda
Excerpt: As the library and IndyGo trim already bare-bone budgets, trying to avoid cuts to service and quality, they have one untapped option on the table -- one that could rake in millions.
But it's also an option some are not all too thrilled to see happen.
Municipal corporations that receive less tax money than expected can file what's called a shortfall appeal with the Department of Local Government Finance. If approved, that will raise how much the corporations receive the next year, but it also will raise property taxes for those who are not paying the maximum under the tax cap.
How much is still unclear, but 77 percent of homeowners in Marion County are currently below the cap, which is 1 percent of assessed value for homes; 85 percent of businesses are below their 3 percent cap.
Each July, the DLGF sets the amount the municipal corporations will receive in property taxes during the next year. When taxpayers haven't paid in full or have received higher than anticipated refunds, it can result in a shortfall for those corporations.
Related articles:
In close vote, library board cuts hours, staff. (8/20/2010)
Library grapples with its sustainable future. (8/16/2010)
Library projects a $7.3 million deficit by 2014. (7/29/2010)
Library board sez no branch closings in 2011. (7/15/2010)
Library supporters question Pacers deal. (7/15/2010)
High performance government team report. (7/11/2010)
Library board delays decision on libraries. (6/5/2010)
Another big turnout for libraries. (5/13/2010)
Mayor vows to keep library branches open. (5/12/2010)
Residents speak up for their libraries. (5/11/2010)
The neighborhood library as refuge. (5/2/2010)
Indianapolis Star editorial board keeps library funding issue front and center. (4/25/2010)
Efficiency experts look for ways to keep branch libraries open. (4/23/2010)
More than 1400 sign petition to keep Glendale branch open. (4/20/2010)
Editorial: Find resources for library. (4/19/2010)
What's in store for Indianapolis-area libraries? (4/17/2010)
Indiana Pacers bailout talks continue. (4/16/2010)
Postscript. (4/15/2010)
Look what's at the top of Indianapolis's to-do list. (4/14/2010)
A Challenge to Indianapolis-Marion County: Stand Up for Libraries. (4/13/2010)
Library rally caps? Get real, sez IndyStar editorial. (4/12/2010)
Will Indianapolis rally for its libraries? (4/12/2010)
Library considers branch closings. (4/9/2010)
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