Geneva tax levy estimated at $6.5M
GENEVA – Geneva staff estimated the city’s 2012 tax levy to be $6.5 million, nearly a 4 percent increase, or $246,000 more than last year’s levy of $6.3 million.
City Administrator Mary McKittrick said the estimated levy is based on the city’s equalized assessed value, the consumer price index, which is 3 percent, and the estimated value of new growth, .43 percent.
“Here is the estimate is what we’re basically saying,” McKittrick. “We don’t know what that EAV is until next spring.”
The EAV is the value of taxable land in the city. Taxing bodies in Illinois make their levy requests to the county based on the equalized assessed value of property within the district.
According to a memo from Finance Manager Thomas Dahl, the city’s EAV is estimated to decrease by 2.9 percent to $944 million from $972 million, a reflection of the decline in real estate values in the past four years.
“We do know [the EAV] is going to drop,” McKittrick said. “People file tax [assessment] appeals, and they always win to some degree or another, and the EAV number we have will go down.”
The estimated levy was presented at a recent Committee of the Whole meeting. Staff can present an ordinance aldermen are expected to approve at the Dec. 3 City Council meeting.
“The levy is $6 million … out of a budget of more than $70 million,” McKittrick said.
If the city asks for less in the levy, the rest must be made up with enterprise funds such as electric and water, she said.