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Tax Shifts Under Various Options. The following chart summarizes the levy options listed
<br />above. It identifies the total size of the levy and the shares paid homesteads and non-
<br />homesteads (and the paid and unpaid state shares for the 2011 baseline). Under all of the
<br />options, even where taxpayers pay the same total amount of taxes, there will be tax increases
<br />for non-homestead properties and some homestead properties.
<br />2,500,000
<br />Sample levy Options vs. 2011 Baseline
<br />__
<br />$2,040,000 $2,040,000 $1,940,000 $1,990,000 Total Levy
<br />2,000,000 ~'Q QQA _ _
<br />; _ ~ .,
<br />r 4=
<br />_ State-unpaid
<br />
<br />~~ -;. ~
<br />,,
<br />credit
<br />
<br />1,500,000 ...;
<br />X1.3; v ,
<br />~El':, _ _.
<br />:_
<br />,.~.
<br />__
<br /> State-paid
<br /> T ~"
<br />s f ~
<br />>~ credit
<br />s,ooo,ooo ~' '
<br /> Non-
<br /> Homestead
<br />500,000 _ -1,026,040 1,079,000 1.026,000 _.... ...._.1,052,00(1--
<br />- Taxes
<br /> .:Homestead ',
<br />
<br />-
<br />----
<br />r~---- _-------- , ------r-
<br />----- ---- Taxes
<br />--~~
<br /> 2011 Baseline Constant Levy Constant Taxes Constant
<br /> Revenue
<br />The tax shifts of the three alternatives can also be summarized as follows:
<br /> 2011 Constant Levy Constant Taxes Constant Revenue
<br />Total Levy $2,040,000 $2,040,000 $1,940,000 $1,990,000
<br />Total Revenues (% chg) $1,990,000 $2,040,000 (2.5%) $1,940,000 (-2.5%) $1,990,000 (0%)
<br />City Tax Rate 30.448% 32.043% 30.473% 31.258%
<br />Average Tax (% change)
<br />$70,000 home $129.14 $134.58 (4.2%) $127.98 (-0.9%) $131.28 (1.7%)
<br />$150,000 home $385.50 $404.58 (4.9%) $384.73 (-0.2%) $394.67 (2.4%)
<br />$400,000 home $1,214.20 $1,277.77 (5.2%) $1,215.08 (0.1%) $1,246.45 (2.7%)
<br />Non-Homestead Tax Change 5.2% 0.1% 2.7%
<br />A Final Note. This example illustrates tax shifts due to the conversion from credits to the
<br />exclusion in isolation from other discussions that might affect property taxes. Aid reductions
<br />and service demands will also be a significant factor in the local budgeting calculus. These
<br />other changes will also affect a property's tax calculation.
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