5. SR 12-01-2008 - Laserfiche WebLink

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_ VOTERS MAY HAVE APPROVED A SCHOOL, CITY/ TOWNSHIP, COUNTY, OR SPECIAL DISTRICT REFERENDUM. • Local referendums may be held for local government construction projects, excess operating levies for schools or many other purposes. • Referendum levies may be spread on the market value or the tax capacity of a property depending on process and type of referendum levy. FEDERAL AND STATE MANDATES MAY HAVE 12• AID AND REVENUE FROM THE STATE AND FEDERAL ~ CHANGED. CHANGED. • Both the-state and federal governments require heal governments to provide certain services • Both the state and federal governments require local governments to provide certain services and follow certain rules. These mandates often require an increase in the cost and level of and follow certain rules. These mandates often require an increase in the cost and level of service delivery. service delivery. • Each year the state legislature reviews and adjusts the level of funding for a variety of aids provided to local governments including Local Government Aid and County Program Aid. The formulas for how aid is determined and distributed among local governments may have changed. • While direct aid and revenue from the federal government to local governments has declined greatly in recent years, federal revenue continues to be a key portion of the local government revenue stream and that revenue stream may have changed. THE STATE LEGISLATURE MAY HAVE CHANGED THE ,~ PORTION OF THE TAX BASE PAID BY DIFFERENT TYPES OF PROPERTIES. GOVERNMENTS MAY HAVE CHANGED. GOVERNMENTS MAY HAVE CHANGED. • A change in class rates will require a change in the tax rate to raise the same amount of money. OTHER STATE LAW CHANGES MAY ADJUST THE TAX BASE. • Fiscal disparities, personal property taxes on utility properties, limited market value, and tax increment financing are example of laws that afFect property taxes.