Of that 4.7 Cent increase - 3.6 Cents is due to the School Tax, 1.3 Cents is due to the County Taxes and the Muni had a reduction of 2/10's of a Cent.
So, if you live in that imaginary home assessed at $176,700, then your taxes will go up $83.05 in 2013, which consists of $63.61 for the School Tax, $22.97 for the County Taxes and a reduction of $3.53 for the Muni Taxes.
In other words, 76.6% of your tax increase is due to the School Tax, 27.7% due to the County Taxes and a reduction of 4.3% for the Muni taxes.
If you don't live in that imaginary home assessed at $176,700 - then take you home's assessed value divided by 100 and multiply that by .047 to get your total property tax increase for 2013 and .036, .013 and -.002 to get the portion attributable to the School tax, County Taxes and Muni Taxes, respectively.
Here's the breakdown-a-mundo by taxing entity:
Anyhoo, welcome to another year of Board of Mythomania driven tax increases here in Downtown Edison.
PS - I added a short demo explaining how the change in the tax rate works. You can find it here.
Can you tell us how much is due to spending increase and how much due to ratables?
ReplyDeleteOn the School side - after council's non-cut, tax rate went from 2.668 to 2.704 for an increase of 3.6 cents. Spending was 1.4 cents and Ratables were 2.2 cents. On the Muni-side, tax rate went from 1.118 down to 1.116 for a reduction of 2/10's of a cent. Looks like a 1 cent cut in Spending to offset the 8/10's of a cent increase due the the shortfall in Ratables. Don't have anything on the County budget so can't say what the breakdown is. Hope this helps.
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