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T of Talc ~~ -_
<br />YPe 1~Y~
<br />-2002-
<br />Agricultural $7,592,000 $9,695,000 $2,103,000. 28%
<br />Business $138,016,000 $106,140,000 ($31,876,000) -23%
<br />Residential $95,655,000 $125,404,000 $29,749,000 31%
<br />Other $10,240,000 $6,863,000 ($3,377,000) -33%
<br />Total Property Tax Paid $251
<br />503
<br />D00 $24$
<br />1
<br /> ,
<br />, ,
<br />Homestead credit $19,315,000 $15,522,000 ($3,793,000) -20%
<br />SRTC $40,738,000 $63,245,000 $22,507,000 SS%
<br />Total Property Tax Credits $60, 053, 000 $78, 7
<br />Grand Total $311,556,000 $326,869,000 $15,313,000 5%
<br />As a group, Agricultural taxpayer bills went up $2 million, Residential taxes increased almost $30
<br />million and Business taxes went down about $32 million. This is a major shift from Business to
<br />Residential and Agricultural taxpayers. In addition, within each group there aze also significant
<br />differences. As a whole, residential taxes increased 31 %, but many rental properties and homes in
<br />older neighborhoods saw much higher increases, with some reporting tripling of their taxes. There
<br />aze two other important shifts to consider. Homestead credits and State Replacement Tax Credits
<br />provide property tax relief. Homestead credits dropped $3.8 million (20%) due to a change in the
<br />formula for calculating the credit. However, the SRTC, the State's main method of providing
<br />property tax relief, increased $22.5 million, 55%. State legislators increased this credit in order to
<br />buffer the impact of the tax shifts due to reassessment. The grand total tax levy collected by local
<br />governmental units in our county increased 5% last yeaz from $312 million to $327 million, but
<br />because of the relief provided through SRTC, the total amount that local taxpayers actually paid
<br />decreased by 1.4%. The State did buffer the impact of reassessment, but most of our taxpayers
<br />didn't see that benefit. Once again, it's because of the shift in who paid the taxes. Let's look at it
<br />a different way, as pieces of the pie. Agricultural taxes went from 2.4% of the total in 2002 to 3%
<br />in 2003. Residential went from 30.7% to 38.4% and Business dropped 44.3% to 32.5%. The
<br />combined credits went from 19.3% of the total tax levy to 24%. The major shift was from
<br />Business taxpayers to Residential taxpayers. This was a piece of pie that homeowners and
<br />landlords didn't want to see increase.
<br />A_15
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