Mt. Vernon Register-News

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October 20, 2012

City receives property tax installment

In addition to the general levy, the city received tax increment finance funds

MT. VERNON — — The city has received its first installment of property taxes, a total of $1,060,344.

“We have received 40 percent of the extension on the general levy,” City Finance Director Merle Hollman said.

In addition to the general levy, the city received tax increment finance funds. The Downtown TIF received $77,878, about 33 percent of the expected full total of $234,00; The Homestead TIF received $80; and the Industrial Park TIF — also known as the West Side TIF, received $368. The East Side TIF did not receive any funds.

“We had a multiplier this year of 1, but to get that, the Supervisor of Assessments adjusted the (Equalized Assessed Valuations) by about negative 6 percent,” Hollman said. “We were told the EAV went down, but it went down because they adjusted it by negative 6 percent.”

According to the most recent audit of city funds, property taxes for general corporate amount to a total of 6 percent of the city revenues including TIF funds and employee benefit levies. Franchise tax receipts, which is the cable television tax, is 1 percent of the total revenues. The Hotel/motel tax receipts are 7 percent of the budget; public service tax receipts — which includes the diesel tax, food and beverage tax, state income taxes, road and bridge taxes, telecommunications surcharge and personal property replacement taxes — are 18 percent of the revenues.  The audit states that 54 percent of the city revenues are from sales taxes; 7 percent from hotel/motel taxes and 18 percent public service taxes coming to a total of 79 percent.

Hollmann stated during the audit year the diesel tax receipts were at $640,000; the food and beverage tax receipts were $639,000; state income tax receipts were at $1.294 million; the road and bridge taxes were $137,000; telecommunications surcharge was $226,000; and the personal property replacement tax receipts were $163,000.

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