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Session 1932 August 16, 2004 AGENDA ITEM #4 - Public Hearinq on University City Tax Rates A public hearing had been advertised for 7:30 p.m. in these Council Chambers to set University City tax rates producing the revenues called for in the budget for the fiscal year beginning July 1, 2004. The rates have been set as required by the current assessed valuation. Mr. Ollendorff advised this Public Hearing on University City property tax rates is required by State law. The City Charter declares its property tax rate in June of each year for the various funds and those rates must be reviewed, under State Law, in August and adjusted upwards or downwards to meet the changes in assessed valuation to meet the new assessed values reported by the State and the County. The Public Hearing invites comments on these tax rates. Mayor Adams declared the Public Hearing open at 7:45 p.m. and as there were no speakers, he declared the Public Hearing closed at 7:45 p.m. Ms. Welsch asked for clarification of an August 12, 2004 memorandum from the Director of Finance and asked whether the City had raised its property tax rate over the prior fiscal year, and was advised that it had. He stipulated that some were raised slightly, some lowered slightly, but all produced the exact dollar amount set by the Council in June of 2004. She asked: 1) if it will raise the amount of funds stated as needed for the budget, and 2) if residents will see a difference in their property tax bill? Mr. Ollendorff responded that on average, there will be no change, but if an assessed value increased more than average; the citizen will see a tax rate increase. If the citizen's assessed property tax valuation decreased or increased less than average, there will be a less than average property tax rate. Those in that group are personal property tax and the U City Loop Special Business District, who's assessed values actually decreased. They will be faced with a higher tax rate producing the same amount of money. Real property in the U City Loop District increased slightly, so they will receive a slightly lower tax rate, and the average tax payer will see no change from numbers set in June. It all depends upon the assessed value: commercial, residential, real or personal compares to the average for that group. Ms. Welsch asked if her property tax remained the same as last year if she would notice a change, and was advised no change from the amount set in June, perhaps only a minor one. Mr. Ollendorff said he wanted to be very clear about exact numbers. The way to determine the amount is to compare the report with the proposed rates with the final University City Budget tax rates, under the heading of property tax rates. The difference will be to balance the increased or decreased in assessed values. Ms. Brot asked how frequently property values were reassessed, and Mr. Ollendorff advised there is a general County-wide reassessment every two years, but there are Page 5