Title
Adoption of Property Tax Levy for 2017-18 Fiscal Year (Ordinance S-43775)
Description
An ordinance levying separate amounts to be raised for primary and secondary property tax levies upon each one hundred dollars ($100.00) of the assessed valuation of the property subject to taxation within the City of Phoenix for the fiscal year ending June 30, 2018.
The ordinance provides for a primary property tax levy of $156,585,988 (a General Fund revenue source) equating to a rate of $1.3359 per $100 of assessed valuation, including $0.08 for maintenance of parks and playgrounds and $0.3359 for the operation and maintenance of libraries; and an estimated secondary property tax levy of $96,595,937 (used only for debt service) equating to a rate of $0.8241 per $100 of assessed valuation. The total rate is $2.16, down from $2.17 last year.
NOTE TO CITY CLERK:
Pursuant to A.R.S. § 42-17107, this action must be considered by roll call vote.
Report
Concurrence/Previous Council Action
The proposed 2017-18 property tax levy reflects actions taken by the Council on the budget at the May 23, 2017 Policy meeting, at the June 7, 2017 Formal meeting to adopt the tentative 2017-18 budget, and at the June 21, 2017 Formal meeting to adopt the final 2017-18 budget. At the June 21, 2017 Formal meeting, a public hearing on the proposed primary property tax levy was held in accordance with statutory truth-in-taxation requirements.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Budget and Research Department.