1992-06-18 Resolution 56 - Laserfiche WebLink

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..PROPERTY VALUATIONS AND TAXES Prnperty Assessment Tax Levy and Collection Rea]. Property in the State is assessed each year as of March 1. On or before August 1 each year, the County Auditor must submit to each underlying unit a statement of (i) the estimated assessed value of the- unit as of March 1 of that year, and (ii) an estimate of the taxes to oe 6istn'6uted to the unit during the -last six months of the current budget year. The estimated assessed value is based on abstracts delivered. to the Auditor by the Township Assessor or his designee on or before July 15. The estimated value is used when the Common Council meets to establish its budget for the next fiscal year (January 1 through December 31), and to set tax rates and levies. By statute, this must be done not later than the last Monday in August. The budget, tax levy and tax rate is subject to review and revision by the State Board of Tax Commissioners. Table 16 below summarizes tax rates in the City for the last six years. TABLE 16 Tax Rates in South Bend -(Per $100 of Assessed Values) 1986 87 1987 88 1988 89 1989 1990 1 1991 State of Indiana .0100 .0100 .0100 .0100 .0100 0.0100 St. Joseph County 2.3639 2.3304 2.4917. 2.183 1.977 2.5393 Portage Township .5627 - .7180 .0768 .0539 .0632 0.0659 South Bend School Corp. 5.2825 5.8177 5.6317 4.0765 4.925 5.2089 Library District .4952 .5169 .6571 .4798 .5147 0.6234 City of South Bend 5.9662 6.2989 6.8209 4.8271 5.1064 5.2106 Transportation/Airport .3976 .4223 .3999 .3485. .3273 0.3374 Redevelopment Distnct - -.2813 0.1586 • Total 15.0781 16.1142 16.0881 11.6307.13.2053 14.1441 ~~ ~~ ~ ~'~ On or before I~eecember 31, the. County Auditor prepares and delivers the final abstract. The County Treasurer mails .tax statements the following April Property taxes are due and payable to the County Treasurer in two installments on May 10 and November 10. If an installment of taxes is not completely paid on or before the due date, a penalty of 10% of the amount delinquent is added to the amount due. On May 10 and November 10 of each year thereafter, an additional penalty equal to 10% of any taxes remaining unpaid is added. The penalties are imposed only on the principal amount of the delinquency. Property becomes subject to tax sale procedures after 15 months of delinquency. Table 171ists historical tax collections for the last ten years. TABLE 17 Tax Levies and Collection • LevyJCollect 1990/91 1989/90 1988/89 1987/88 1986/87 1985/86 1984/85 1983/84 1982/83 1981/82 Amount of Lew $29,901,654 30,166,432 29,787,812 26,832,369 25,500,623 24,524,300 24,246,149 23,147,657 22,090,568 20,944,113 19 Percent Collected 98.2% 94.5% 98.0% 102.5% 101.0% 96.0% 98.0% 100.0% 99.5% 97.0%