HomeMy WebLinkAbout11/16/2010 06B Revenue Sources and Ad Valorem Taxes; 2011 Property Tax Increase BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No 68
For Meeting Of: November 16, 2010
ITEM TITLE Public Hearing on Revenue Sources and Consideration of Legislation pertaining
to Ad Valorem Taxes to be levied for collection in Fiscal Year 2011
Ordinance A— Declaring the City Council's intent to increase the City's 2011
regular property tax levy up to 101% of the amount levied in the previous year,
plus new construction and annexation
Ordinance B— fixing and levying the 2011 ad valorem property taxes and excess
levy taxes for the City of Yakima
SUBMITTED BY Dick Zais, City Manager
Rita M DeBord, Finance Director
Cindy Epperson, Deputy Director of Accounting & Budgeting C,t_
CONTACT PERSON /TELEPHONE Dick Zais / 575 -6040
Rita M DeBord / 575 -6070
Cindy Epperson / 575 -6070
SUMMARY EXPLANATION
Background
• State law, based on Initiative 747, requires several administrative and legal steps to establish the
property tax levy (Even though 1 -747 was ruled unconstitutional in the fall of 2007, the legislature met
and re- established property tax levy limits as set forth in the initiative ) Your package includes two (2)
separate ordinances Ordinance A and B will set the property tax levy for collection in 2011, based on
CONTINUED
Resolution Ordinances 2 Other (Specify) Exhibit I, Attachments 1 -5,
Funding Source
APPROVED FOR SUBMITTAL.
City Manager
Y g
STAFF RECOMMENDATION City Management is recommending that City Council conduct a
public hearing on. the 2011 property tax levy, and then pass ordinances "A ", which declares Council's
intent to increase the levy by 101% above the prior year levy, and "B ", which fixes the levy amount
These ordinances follow state law imposing a 1% increase in the property tax levy for 2011, plus new
levies for construction and annexation, consistent with the provisions of 1 -747, and are the basis on
which the 2011 budget was developed and balanced Note Last year, City Management
recommended no increase in property taxes for 2010, which the Council accepted
® BOARD /COMMISSION RECOMMENDATION
COUNCIL ACTION
Legal /BD
Agenda Ad Val 1
11/10/2010
2011 Property'Tax Agenda Statement — Continued page 2 of 4
•
the 1 -747 limit of a 1% increase (or the rate of inflation, whichever is less) over the prior year base levy,
plus new levies for construction and annexation (Note the initiative defines the rate of inflation as
measured by the Implicit Price Deflator (IPD) for consumer goods For this year, the IPD increased by
1 539% from July 2009 to July 2010)
Exhibit I details calculation of the property tax levy with a base of 101% of the prior year using
preliminary information obtained from the County Assessor's office According to state law, the
certification of ad valorem taxes must be filed with the Board of Yakima County Commissioners on or
before November 30, 2010 or the City will receive no funding from this source in 2011 The
Commissioners have requested to receive this packet by November 24, so they can incorporate all of
the requests into their required legislation
Ordinance purposes are.
Ordinance A identifies Council's intent to authorize an increase in the tax levy over 2010 levels This
ordinance requires a simple majority to pass It is required by RCW 84 55 120 This is legally
necessary to increase the 2011 tax collections by any amount over 2010 levels.
Ordinance B fixes the tax levy for collection by the City in 2011 This ordinance includes not only the
regular tax but also special levy taxes for bond repayments This ordinance complies with RCW
35 33 135 and also requires a simple majority vote to pass
These ordinances are in substantially the same format as the prior year levy legislation •
General Government Revenue Discussion
In reviewing General Government revenue, there are 4 revenues that each make up approximately one
fourth of the total —i e there are four "legs" that support General Government operations Sales Tax
(including the City's allocation of both county -wide Criminal Justice sales taxes) represents about 26%
of the total Property tax as proposed is about 25 %, Utility Taxes as presented in the Preliminary
Budget make up about 21%, and all other revenue comprise the remaining 28% (See Attachment 1
for a summary of General Government revenues )
As described in'the mid -year 2010 budget reduction transmittal, Yakima started seeing the results of
the national economic recession in the last quarter of 2008 The 2010 budget was developed
assuming a slight increase in existing revenues — however, sales tax continued to drop in comparison
to the prior year As the recession continued, the 2010 estimate of revenues is about (1 6 %) or about
($1 million) less than the 2010 adopted budget. As the economy is not yet showing signs of recovery,
and with the coming layoffs in the government sector and consumer pessimism, revenue estimates
have been reduced in several areas, including sales taxes and interest earnings Even with the
proposed 1% increase in Property Tax, 2011 total revenue is conservatively estimated to decrease by
(0 4 %) To put this budget in historical perspective, 2011 revenue is forecast to be $56 9 million,
which is ($0 5 million) or (1 %) less than the 2008 actual revenue
Even though revenues have been flat, there continues to be pressure on expenditures, and there are
increases in various categories such as utilities (i e electricity ), fuel, property and liability insurance,
and employee healthcare coverage
Legal /BD
Agenda Ad Val 2
11/10/2010
• 2011 Property Tax Agenda Statement — Continued page 3 of 4
In response to these economic conditions, the City has exercised responsible budgetary restraint. City
management has proposed necessary cost reduction measures to stay within available resources, in
accordance with the Council's priorities of government budget model Over $2 3 million of
budget/service reductions were identified in the 2011 Forecast to balance to the estimated revenues
without any reliance on reserves This is on top of a $2.9 million reduction made to balance the 2010
budget, bringing the total 2 year reduction to over $5 2 million Cumulatively, over the two years, .
staffing levels in General Government operations are being reduced by about 50 Full -Time Equivalent
(FTE) employees Additionally, expenditures for professional services, capital outlay, and supplies will
be significantly reduced
The initial estimates from the County on the 2011 property tax levy included a growth rate for new
construction of 1 7% compared to a budget estimate of 0 7% When coupled with an increase for
recent annexations of about $50,000, there is potentially an increased revenue estimate of $170,000
for Council consideration during upcoming deliberations on budget development.
Historically, staff does another review of revenues and expenditures, and proposes any adjustments to
the final budget (like the property tax increase) in the Budget Wrap -up document to be distributed the
last week of November
Property Tax Discussion
• The total 2011 City of Yakima property tax levy includes the 101% levy, levies for voted bond issues,
and amounts for annexations and new construction The budget currently includes an estimated
revenue of $15,784,765 for the regular levy, an increase of $268,500 (made up of an estimate of 1%
for the regular levy, and. 0 7% for new construction) over the 2010 year -end estimate of $15,516,265
The voted levy debt is budgeted to be $293,000, slightly less than the 2010 budget, based on
scheduled debt service for the 1995 voted Fire bond issue The total operating tax rate for next year is
estimated to be $3 063 per $1,000 of Assessed Valuation (AV), up from the 2010 rate of $2 9348
(The statutory limit is $3 60 less the Library levy, which is capped at 50 cents per $1,000 The estimate
for the 2011 Library levy is 49 cents per thousand) -- the bond rate is estimated to be $0 05437 per
$1,000, down from $0 05585 in 2010 It should be noted that the amounts included in the budget differ
from the levy as shown in attached Exhibit I because of the timing of collections In other words the
budget is built on collection estimates of the levy
A home with an assessed value of $150,000 in 2010 paid $440 22 for the regular levy, and $8 38 for
the voted levy, for a total of $448 60 According to the valuation estimate provided by the County
Assessor, the underlying assessed value of all taxable property in the City decreased by 3 3% If that
rate is applied to the $150,000, the 2011 assessed value would be $145,050 and the regular levy tax
would be $444 29, and the voted levy would be $7 89 for a total of $452.18 —a slight
Increase of $3 58 in the total annual levy
We believe the current request for the property tax levy is justified by the following conditions
(1) The property tax is needed to help meet mandates and contractual obligations, principally
Public Safety pensions /medical costs Attachment 2 demonstrates the amount of property
taxes dedicated to these areas
•
Legal /BD
Agenda Ad Val 3
11/10/2010
2011 Property Tax Agenda Statement—Continued page 4 of 4
(2) In the Street budget, property tax represents about 70% of all revenue in this budget. (see
Attachment 3) Investing in maintaining and repaving the City streets has been a high Council
priority for several years The other major revenue source in this fund is Gas Tax, which is
based on a "per gallon" charge The economic downturn has affected consumption, and the
2010 gas tax is currently flat (i e no growth) compared to 2009 actual
(3) Property tax is also a key revenue source for the Parks and Recreation Division, representing
about 38% of all Parks revenue Parks maintenance is supported entirely by property taxes,
while other programs such as the Senior Center and Aquatics are supported in part by the
property tax. The cost to maintain and operate these facilities increases annually (Also see
Attachment 3)
(4) Again this year, the City is not expected to collect the full levy because of higher senior citizen
exemptions, delinquent taxes and other uncollectible accounts For the year 2011, the City is .
budgeting conservatively and estimating a reduction of up to 4% in actual collections from the
authorized levy, offset by a portion of delinquent taxes that are predicted to be collected
(5) Yakima's per capita property tax ranks $87 below the average of comparable Washington cities
with populations of 45,000 to 120,000 in 2009, the most recent year this information has been
compiled Yakima ranks 10th out of 12 cities in this group Further, for these same cities,
Yakima's total per capita revenue collected from all taxes, fees and charges is $570 less than
the averaae and again ranks 10th out of the 12 cities Our residents are currently taxed
substantially less than other similar size cities (See Attachments 2 & 4) 4110
(6) Finally, the City's current property tax levy represents only 25% (approximately 1/4) of the total
property taxes paid by City residents The State, local School District levies and County
government receive approximately 3/4 of all property taxes paid (See Attachment 5)
In conclusion,,property tax is a vital component of General Government revenue Based upon
the previous discussion, and the fact that property taxes were not increased in the prior year;
City management/budget staff respectfully requests the passage of. both Ordinances A and B to
set the 2011 property tax levy, which is the basis on which the 2011 budget was developed.
Legal /BD
Agenda Ad Val 4
11/10/2010
ORDINANCE A
ORDINANCE NO 2010
AN ORDINANCE relating to the annual property tax levy; declaring the City Council's intent
to increase the City's 2011 regular levy up to 101% along with new
construction, annexation and growth in state - assessed property values
from the amount levied the previous year
WHEREAS, RCW 84 55 120 requires a taxing district that collects regular levies to hold
a public hearing on revenue sources for the district's following year's current expense budget,
including consideration of possible increases in property tax revenues, and
WHEREAS, pursuant to RCW 84 55 120 and the City Charter, on November 16, 2010,
upon due and proper legal notice, the Yakima City Council held a public hearing to consider the
City's general government revenue sources for the 2011 current expense budget, and the total
proposed property tax levy amount pertaining to 2011 revenues from real and personal property
taxes, and
WHEREAS, RCW 84 55 120 provides that no increase in property tax revenue, other
than that resulting from the addition of new construction and improvements to property in any
increase in the value of state - assessed property, may be authorized by a taxing district, except
by adoption of a separate ordinance or resolution, pursuant to notice, specifically authorizing
the increase in terms of both dollars and percentage, and
WHEREAS, the City Council, after the public hearing on November 16, 2010, and after
duly considering all relevant evidence and testimony presented, has determined that the City
requires an increase in property tax revenue from the previous year, resulting from the addition
of new construction and improvements to property and any increase in the value of state -
assessed property, in order to discharge the expected expenses and obligations of the City,
and as being necessary and in the best interests of the citizens of the City of Yakima, and
WHEREAS, the amount of property tax levied for collection in 2010 was $15,816,566 for
general government purposes, and
WHEREAS, the discretionary increase in property tax levied for collection in 2011 shall
be in the amount of $158,166, which is a percentage increase of one percent (1 %) from the
previous year; and
WHEREAS, the non - discretionary increases in property tax levied for collection in 2011
can only be estimated due to the absence of final values to be provided by the Yakima County
Assessor, now, therefore,
S
cje /property- tax -ord 2011 1 %- ce.doc 11/10/2010
ORDINANCE A
BE IT ORDAINED BY THE CITY OF YAKIMA.
Section 1 The following increases in the regular property tax levy, over the amount
of the previous year's levy, are hereby authorized to be cumulatively levied for collection in
2011
A. A discretionary increase of $158,166, which is a percentage increase of
one percent (1%) over the amount levied for collection in 2010, plus
B An estimated increase of $56,144 for recent annexations, plus
C An estimated increase of $263,614 for new construction and
improvements to property; plus
D An increase authorized by state law for state - assessed property values
Section 2 The City Clerk is directed to transmit and file a certified copy of this
ordinance with the Board of Yakima County Commissioners and the Yakima County Assessor
on or before November 30, 2010
Section 3 Pursuant to Article VI, Section 2 of the Yakima City Charter, this
ordinance shall take effect on November 16, 2010
PASSED BY THE CITY COUNCIL, signed and approved this 16th day of November,
2010 •
ATTEST Micah Cawley, Mayor
City Clerk
Publication Date
Effective Date
S
cje /property- tax -ord 2011 1%-ce.doc 11/10/2010
ORDINANCE B
• ORDINANCE NO 2010
AN ORDINANCE fixing and levying the amount of ad valorem taxes necessary to balance
estimated revenue with estimated expenditures for the 2011 Budget for
the City of Yakima
WHEREAS, the City Council finds that the total net amount of $16,444,490 in revenue
must be raised by ad valorem taxes on real and personal property within the corporate limits of
the City of Yakima to balance estimated revenues and expenditures for the 2011 Budget for the
City of Yakima, now therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA.
Section 1 There is hereby fixed to be raised by general property taxes upon real
and personal property within the City of Yakima the amount of $16,444,490 for the following
purposes
General Government Levy
Operating Funds $14,941,725
Firemens' Relief & Pension Fund 1,502,765
Amount of tax levy for General
Government Purposes (1) $16,444,490
Special Purpose Tax Levy 293,000
Total Levy Amount (1) $16,737,490
(1) Includes an additional $150,000 to provide for final adjustments in State assessed, new
construction and annexation values
Section 2 The City Clerk is directed to transmit and file a certified copy of this
ordinance with the Board of Yakima County Commissioners and the Yakima County Assessor
on or before November 30, 2010
Section 3 Pursuant to Article VI, Section 2 of the Yakima City Charter, this
ordinance shall take effect on November 16, 2010
PASSED BY THE CITY COUNCIL, signed and approved this 16th day of
November, 2010
ATTEST Micah Cawley, Mayor
City Clerk
Publication Date
Effective Date
ad- valorem -ord 2011 1% ce.doc 11/10/2010
EXHIBIT I
•
City of Yakima
Property Tax Limitation Calculation
(Dollars in Thousands)
2010 Tax 2011
Assessed Rate Levy
Values Applied Dollars
Prior Year (2010) = Base $5,389,218 769 $2.9348 $15,816,566
1% Increase $158,166
Base 101% $15,974,732
Valuation Decrease (3.3 %) ($177,674.76) N/A $0
New Construction (1 7 %) $89,823.341 $2.9348 $263,614
State Assessed Value $2.9348 $0
Tax Limit Before Annexations $5,301,367.350 $3 0630 $16,238,346
Add for Annexation $18,329.595 $3 0630 $56,144
Limit for Subsequent Years $5,319,696 945 $3 0630 - $16,294,490
Plus Contingency (And Refunds) $150,000
Total- ordinance $16,444,490
State of Washington Constitutional Limit
Assessed Valuation $5,319,696 945 $3 6000 $19,150,909
Less: Library Levy (Estimate) $0 490 $2,606,652
2010 Levy for Collection in 2011 (Estimate) $3 110 $16,544,257
•
cje 11/10/2010
ATTACHMENT #1
• GENERAL GOVERNMENT REVENUE
(BASED ON 2011 BUDGET OF $56.8 MILLION)
26.0 21.2 6.7 3.2
Sales Tax Franchise & Intergovemment & Other
Utility Tax State Shared Revenue Revenue
($17.1 Million) ($11.7 Million) ($4.3 Million) (2.4 Million)
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25.1 12.3 5.5
Property Tax Licenses, Permits Fines &
($13.7 Million) & Charges Other Taxes
for Services ($3.1 Million)
($6.6 Million)
• GENERAL GOVERNMENT RESOURCES
THREE YEAR COMPARISON
2011 % OF - 2011 vs. 2010 -
2009 2010 PERCENT BUDGET 2010 INCREASE PERCENT
SOURCE ACTUAL ESTIMATE CHANGE FORECAST TOTAL (DECREASE) CHANGE
General Sales Tax $12,623,990 $12,504,000 (1.0 %) $12,258,000 21.6% ($246,000) (2.0 %)
Criminal Justice Sales Tax Gl> 2,521,881 2,526,000 0.2% 2,507,000 4.4% ($19,000) (0.8 %)
Property Tax 13,889,500 14,019,500 0.9% 14,282,000 25.1% 262,500 1.9%
Franchise & Utility Taxes 12,093,883 11,822,000 (2.2 %) 12,041,500 21.2% 219,500 1.9%
Charges for Services 5,648,396 6,117,541 8.3% 6,248,110 11.0% 130,569 2.1%
State Shared Revenue 3,084,952 2,939,100 (4.7 %) 2,730,300 4.8% (208,800) (7.1 %)
Fines and Forfeitures 1,631,592 1,734,266 6.3% 1,736,400 3.1% 2,134 0.1%
Other Taxes 1,492,626 1,402,747 (6.0 %) 1,395,000 2.5% (7,747) (0.6 %)
Other Revenue 942,937 701,754 (25.6 %) 601,920 1.1% (99,834) (14.2 %)
Transfers from Other Funds 1,198,701 1,230,546 2.7% 1,259,000 2.2% 28,454 2.3%
Other Intergovernmental 1,450,423 1,303,790 (10.1 %) 1,068,930 1.9% (234,860) (18.0 %)
Licenses and Permits 711,835 776,600 9.1% 735,800 1.3% (40,800) (5.3 %)
TOTAL REVENUE $57,290,716 $57,077,844 (0.4 %) $56,863,960 100.0% ($213,884) (0.4 %)
Beginning Fund Balance 8,622,738 6,413,707 (25.6 %) 4,750,845 ($1,662,862) (25.9 %)
TOTAL RESOURCES $65,913,454 $63,491,551 (3.7 %) $61,614,805 ($1,876,746) (3.0 %)
4110 (1) Some Criminal Justice sales tax is allocated to the Law and Justice capital fund (a non - general Govern-
mental fund) for capital needs.
ATTACHMENT #2
0 PROPERTY TAX ALLOCATION BY FUNCTION
2011 GENERAL LEVY
PROPERTY TAX TOTAL - $15,784,765
^" - � . 4 Fire & Police Pension
}- $2,907,355
. fi y ' y --!, . 18.4%
a
General Fund k s
$7,823,410 t.,-1-0.
49.6% r
b L F .'.
�' * n r % Parks
• ' ik ,: " ) �` : i ; $1,546,000
y y � , �4 9.8%
C
ilfr ' -" e��*x
"Alit"` "ter 4 d n i ' `
i 4 y
= , ; X10 Streets
` ,- , " "' �?';' $3,508,000
k� a" t , 22 /
•
2011 PROPOSED
GENERAL PROPERTY TAX LEVY
2010 2011 2010 Esr
2009 AMENDED 2010 BUDGET VS.
ACTUAL BUDGET ESTIMATED FORECAST 2011 BUDGET
General $8,057,000 $8,523,000 $8,732,300 $9,228,000 5.7%
Parks & Recreation 1,623,500 1,788,500 1,665,500 1,546,000 (7.2 %)
Street & Traffic 4,209,000 3,708,000 3,615,700 3,508,000 (3.0 %)
SUB -TOTAL GENERAL GOVERNMENT 13,889,500 14,019,500 14,013,500 14,282,000 1.9%
Fire Pension 1,414,441 1,502,765 1,502,765 1,502,765 0.0%
TOTAL $15,303,941 $15,522,265 $15,516,265 $15,784,765 1.7%
The City has compiled data from the State Auditor's Office that identifies per capita prop-
erty tax for comparable cities throughout the State. The following chart compares the
City's per capita property tax income for 2009 It shows the City of Yakima's property tax
per capita is $167, which is $87 less than the average of all the comparable cities. Yakima
ranks third lowest in tax per capita of the 12 comparable cities.
2009 PER CAPITA PROPERTY TAXES 0 )
• COMPARABLE CITIES BETWEEN 45,000 AND 125,000 IN POPULATION
(Rounded to the closest dollar)
$400
, e property $283 $298 $311 V 332 .. ` $ $362
Yakima's per Capita roe tax i s $167 which is $87 less $356
$350 than the average city per capita of $254 $332
$275 $ 1
$250 ,c'''
$210
$189
$200 $167
$148 r'# " .L •
$150 $112 dft ' . $100 3 ., y
$50 K
$0 -- _ _ ___ ? _
Pasco Kennewick Yakima Auburn Bellingham Richland Bellevue Kirkland Kent Everett Renton Redmond
(1) Data compiled from the State Auditor's Local Government Comparative Statistics.
ATTACHMENT #3
PROPERTY TAX AS A PERCENTAGE OF TOTAL FUND REVENUE
2010 BUDGET YEAR
III
100% ,, 4
80% 3 ' ,V,,'. ' fi ..'1
‘ 1 1. .. :1 '4i - ma*
60% i4,-;4 „, '1 ,,k,. : ' ‘ 41 .1111111 !°1 :'''':'
e r- -,..s.
-:. .4,1 , - ;-,
50% ' : 96%
70 %0 _
30%
kN✓
„A iRri
20% `
38%
10% 19%0 ____111111____ -
0% ; .
General Fund Parks Streets Fire Pension
® % Property Tax td % Other Revenue
•
ATTACHMENT #4
The largest revenue source for the General Government Funds is sales tax. Yakima has moved
g s
from the lower half to the upper of per capita sales tax compared with similar cities in the State.
However, Yakima is in the lower 1/3 of ranking in all other revenue comparisons per capita and
is still the third lowest out of the twelve cities compared in combined per capita revenue. Ya-
kima's $1,253 per capita taxes is $570 below the average of $1,823 based on 2009 actual data, as
demonstrated in the chart below The most important conclusion from this analysis is that the
City of Yakima has a very limited revenue / tax base compared with most cities of its size in the
state, and yet provides similar or enhanced services and programs to its citizens.
2009 PER CAPITA TOTAL REVENUES (1)
COMPARABLE CITIES BETWEEN 45,000 AND 125,000 IN POPULATION
(Rounded to the closest dollar)
$3,000 Yakima' s per capita total revenue is $1,253, which is$570 $2,696 $2,776
less than the average city per capita of $1,823
$2,332 "t x , wfi
$2171
$2,000 $1737 $1776 $1 841
c g t
$1561 $1 637 2� r � fi t
$1,500 $1253 4 3`.
$1,023 $1,075 r ..
$1,000 1444 �. r ` 4.,c s .
x ,-$ �O�. ye F ` tio- � 1'a'�u 1` t" `K. � ', .
m ar X,3} t r�' ''� '' yF '� � i " h ' � t:y�'� a s.l , ,fi � � `,• ���
$500 , ^t-, �.`., <f� S, `�t ' r
t
$0
•
s
Pasco Kennewick Yakima Auburn Kent Bellingham Renton Kirkland Everett Bellevue Richland Redmond
(1) Data compiled from the State Auditor's Local Government Comparative Statistics. Includes state and
federal grants, taxes and charges for services, and excludes debt proceeds.
411
ATTACHMENT #5
® PROPERTY TAXES
The total property taxes paid by property owners within the City of Yakima include taxes
levied by several governmental entities: the State, School Districts, special county -wide
voted levies and the City's general and special voter approved levies. The percentage of
the total property taxes levied by, and allocated to, each individual governmental entity
will change slightly from year to year. The City's portion is generally under 30% of the to-
tal amount collected. (Refer to the graph and chart below for how the 2010 property taxes
were allocated between these governmental entities.)
2010 PROPERTY TAX DISTRIBUTION
Yakima School District City of Yakima Library
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State of Washington Schools Yakima County EMS
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CITY OF YAKIMA PROPERTY TAX — In 2010, a typical City resident pays approximately $11.87 per
thousand of assessed value on property taxes. Only $2.99, or about 25.2% goes to the City,
with the balance divided between the County, schools, and other special districts.
DESCRIPTION OF How PROPERTY TAXES ARE LEVIED — The following explanation is included to help the
reader understand how property taxes are assessed to the individual property owners. To
aid in this explanation, three commonly used terms must be understood. They are Prop-
erty Tax Levy, Property Tax Rate and Assessed Value.
Property Tax Levy — is the total amount of money that is authorized to be collected.
Property Tax Rate — is the property tax amount that will be applied to every $1,000 of
assessed value, the rate is determined by simply dividing the levy amount by the total
assessed value amount and dividing that number by 1,000
Assessed Value — is the total value, as determined by the County Assessor's Office, of all
• property within the City
CITY OF YAKIMA
NOTICE OF PUBLIC HEARING
ON THE PROPOSED 2011 AD VALOREM TAX
AND BOND LEVY TAXES
NOTICE IS HEREBY GIVEN that the Yakima City Council will conduct a public
hearing on the Ad Valorem Tax and the Bond Levy Taxes (property tax) proposed
for 2011
Said public hearing will be held Tuesday, November 16, 2010 at 7 00 p m , or
soon thereafter, in the Council Chambers at City Hall, 129 No 2nd Street, Yakima,
Washington
All interested persons are invited to attend this public hearing
Dated this 6 day of October, 2010
Rita M DeBord
Director of Finance & Budget
•
Legal /BD
Agenda Ad Val 1
11/10/10