County Budget. Retain essential personnel. $ .8 Mil. $9 Million 2007 Sales Tax ( $8.1 million from residents & $.9 million from nonresidents). Direct Property tax relief from county property tax (12% reduction) ($.65 cut in rate). $7.4 Million.
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Retain essential personnel
$ .8 Mil
$9 Million2007 Sales Tax($8.1 million from residents & $.9 million from nonresidents)
Direct Property tax relief from county property tax(12% reduction)($.65 cut in rate)
Indirect property tax relief from city, town and village taxes
$ .8 Mil
Cities, Towns & Villages
$5 per capita
Moderation of new fees or retention of essential personnel
To determine your individual benefit of the property tax relief/sales tax, you need to know how much your household spends on items subject to sales tax and the fair market value of your property.
Remember that debt payments, groceries, medicine and most services are not subject to sales tax.
Also note that the sales tax would not begin until April 1, 2007.
Sales tax will vary widely from household to household but a rough average would be 43% of your Gross Income times .005 times 9/12.
The property tax savings can be estimated by taking the fair market value of your home divided by 1000 times .76
For most households, the property tax savings and sales tax will net out to small amounts.
This means that a household with $4000/month gross income, with a home worth $124,000 might expect to pay $73.80 in county sales tax and to save $94.24 in property tax.
$ 94.24 (Property Tax Relief)- $ 73.80 (Pay in County Sales Taxes)$ 20.44 Savings
*Example based on median household income and median home price. Actual results will vary according to circumstance.
Homeowners on tight budgets such as retirees on fixed incomes, families with children in college, and people with large medical bills, will likely save money while others with large disposable incomes may pay more.
Property tax relief is needed in 2007
The last county to adopt a sales tax will have charged its residents more property taxes and provided them with less services for the benefit of tourists who will not even be aware that they are being favored at the expense of local residents.
To keep faith with County taxpayers, the adoption of Property Tax Relief and a County Sales Tax must be accompanied by miserly control of County spending
With or without a sales tax, it is time for elected officials to bring ongoing revenues in line with ongoing expenses. Continued use of one-time solutions to structural budget imbalances will put the County’s future at risk.
*Note: 3 counties w/o sales tax have a stadium tax and some counties have both taxes)
In the 2006 budget 43 positions were eliminated and raises and benefits were reduced for all non-represented employees.
The County Executive’s 2007 budget proposal will eliminate 19 more positions (most through attrition) and the budgeted wages assume much smaller raises will be negotiated in the new union contracts.
A balanced budget without the property tax relief/sales tax proposal will require additional spending cuts.
$775,000 to stay within the levy freeze limits
+ $1,177,000 to avoid raising the equalized rate
+ $2,247,000 to hold county property tax bills to a zero increase for the average homeowner.
$ 4,199,000This is in additional cuts beyond those made in the proposed budget.