Chief
11-04-2007, 03:42 PM
http://www.cityofvancouver.us/councilmeetings.asp?menuid=10462&submenuID=10474&itemID=46457
6. Ad valorem taxes for 2008
(Staff Report 203-07 --- attached on pink paper.)
AN ORDINANCE fixing and levying the amount of ad valorem taxes necessary to balance estimated revenues with estimated expenditures for the 2008 budget for the City of Vancouver; providing for an effective date.
Summary:
Pursuant to RCW 35.33.135, Council must approve an ordinance to fix and authorize the Clark County Assessor’s Office to levy ad valorem taxes necessary to balance the estimated revenue and expenditures for the City of Vancouver’s 2007-2008 Biennial Budget.
Staff currently estimates the 2007 real and personal property tax levy as $37.3 million; which includes a preliminary estimate of $912,800 in property tax revenue from new construction. The estimate of property tax from new construction is very preliminary. The estimate will be updated based on the final new construction valuation provided by the Assessor’s Office. The estimate of property tax revenue does not include the change in value of state-assessed utility property. Both of these amounts will not be final until early December 2007. The County Assessor’s Office has recommended to City staff that Council approve ad valorem taxes in the amount of $37.6 million, which is needed to balance the City’s 2007-2008 Biennial Budget. By approving ad valorem taxes of $37.6 million, this allows the County Assessor’s Office to levy real and personal property taxes to the full extent allowed under Washington State law. Staff anticipates that the final ad valorem tax will be between $37.3 and $37.6 million in 2008. If Council authorizes the ad valorem tax amount too low, the County Assessor’s Office will only be allowed to levy up to the amount authorized by Council.
Staff recommends that City Council approve ad valorem taxes in the amount of $37.6 million for the 2008 real and personal property tax levy within the city limits of Vancouver. This estimated revenue source is necessary to balance the 2007-2008 Biennial Budget for the City of Vancouver.
Action Requested:
Approve ordinance on first reading, setting the date of second reading and public hearing for November 19, 2007. (Carrie Lewellen, City Treasurer, 619-1082)
6. Ad valorem taxes for 2008
(Staff Report 203-07 --- attached on pink paper.)
AN ORDINANCE fixing and levying the amount of ad valorem taxes necessary to balance estimated revenues with estimated expenditures for the 2008 budget for the City of Vancouver; providing for an effective date.
Summary:
Pursuant to RCW 35.33.135, Council must approve an ordinance to fix and authorize the Clark County Assessor’s Office to levy ad valorem taxes necessary to balance the estimated revenue and expenditures for the City of Vancouver’s 2007-2008 Biennial Budget.
Staff currently estimates the 2007 real and personal property tax levy as $37.3 million; which includes a preliminary estimate of $912,800 in property tax revenue from new construction. The estimate of property tax from new construction is very preliminary. The estimate will be updated based on the final new construction valuation provided by the Assessor’s Office. The estimate of property tax revenue does not include the change in value of state-assessed utility property. Both of these amounts will not be final until early December 2007. The County Assessor’s Office has recommended to City staff that Council approve ad valorem taxes in the amount of $37.6 million, which is needed to balance the City’s 2007-2008 Biennial Budget. By approving ad valorem taxes of $37.6 million, this allows the County Assessor’s Office to levy real and personal property taxes to the full extent allowed under Washington State law. Staff anticipates that the final ad valorem tax will be between $37.3 and $37.6 million in 2008. If Council authorizes the ad valorem tax amount too low, the County Assessor’s Office will only be allowed to levy up to the amount authorized by Council.
Staff recommends that City Council approve ad valorem taxes in the amount of $37.6 million for the 2008 real and personal property tax levy within the city limits of Vancouver. This estimated revenue source is necessary to balance the 2007-2008 Biennial Budget for the City of Vancouver.
Action Requested:
Approve ordinance on first reading, setting the date of second reading and public hearing for November 19, 2007. (Carrie Lewellen, City Treasurer, 619-1082)