COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Jill Olsen, Administrative Services Director
SUBJECT:Title
Adopt Resolution No. 24-3770 Levying $0.6718 Upon the Assessed Valuation of the Property within Lake Havasu City, Subject to Taxation, Upon Each One Hundred Dollars ($100.00) of Valuation, Sufficient to Raise the Amount Estimated to be Required in the Annual Budget Less the Amount Estimated to be Received from Fines, Licenses, and Other Sources of Revenue which is an Additional Levy Amount of $301,578 Excluding New Construction, due to the Increase in Assessed Valuation; Providing for a General Fund for the General Municipal Expenses for the Fiscal Year Ending June 30, 2025 (Jill Olsen)
Body
FUNDING SOURCE:
N/A
PURPOSE:
To adopt the City’s property tax levy for Fiscal Year (FY) 2024-25.
BACKGROUND:
In accordance with state law, the City Council is required to adopt the property tax levy no later than the third Monday in August and forward a certified copy of the Resolution to the County Board of Supervisors’ office for acceptance of the tax rate. State law also requires a period of at least 14 days between the expenditure and tax levy public hearing, and the adoption of the tax levy. The expenditure and tax levy public hearing was held 14 days ago on June 25, 2024.
There is no increase or decrease in the tax rate. The tax rate for FY 2023-24 was $0.6718. The rate included in the final FY 2024-25 budget adopted by the City Council on June 25, 2024, was $0.6718. The overall levy increase is estimated to be $406,392 due to new construction valuations, net increase in existing valuations, and holding the tax rate. In accordance with state law, all taxing authorities who are increasing their tax levy amount by more than new construction are required to hold a Truth in Taxation Public Hearing. The Truth in Taxation Public Hearing was held on June 25, 2024.
COMMUNITY IMPACT:
Property taxes are used to fund General Fund operations for the City, including Parks & Recreation, Police and Fire services.
FISCAL IMPACT:
$0.6718 rate per $100 assessed value, resulting in an estimated $6,761,417 levy for FY 2024-25.
ATTACHMENTS:
Resolution No. 24-3770
PowerPoint Presentation
SUGGESTED MOTION:Recommended Action
I move to adopt Resolution No. 24-3770 adopting the Lake Havasu City property tax levy rate of $0.6718 per $100 assessed value for Fiscal Year 2024-25.