Monday, June 16, 2014

Edison's Preliminary CY 2014 Property Tax Bill - Up 15.1-Cents or 3.2%!?!

Well, just saw the County's tax rates for CY 2014. The County Tax Rate is .727, which is up 4-Cents or 5.8%. They held the County Open Space Rate flat at last year's .059. That increase was kind of surprising since I thought I read somewhere that their budget only went up 1-2%.

The previously voter approved School Budget came with a School Tax Rate of 2.733, which was up 2.9-Cents or 1.1%.

The Introduced CY 2014 Muni Budget comes with a Muni Tax Rate of 1.208 (includes Library), which is up 9.2-Cents or 8.3%. The 15 Year 1-Cent Muni Open Space Tax had expired in 2013 and won't be on your Tax Bill for 2014. If you're in Garbage District 1, it's my understanding that the rate is being held flat at last year's .20. Of course, this budget is subject to review and approval by the Council, so the Muni Tax Rates may or may not change.

So, if you add all this up - we're looking at Property Tax Bills with a CY 2014 Rate of 4.927, which is up 15.1-Cents or 3.2% over Last Year's 4.776. If you live in that imaginary home assessed at $176,700 - then you'll see a Total Property Tax Increase of $266.82 (176,700/100 x .151). If you don't, just take your home's assessed value divided by 100 and multiply that times .151 - or just use the chart below.

Anyhoo, just hard to believe these increases being put through here in Downtown Edison.

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