City of DeKalb’s EAV Plunge, Part 1

The City of DeKalb FY2012 budget draft proposal (p. 23) says:

FY2012 Revenue Highlights:

Property Tax Revenues are expected increase approximately 4.35 percent due to a tax increase from 60 cents to 65 cents per $100 of equalized assessed valuation. It should be noted that revenues received from the property tax only go toward the City’s obligated pension costs. However since 2005, this rate has not funded those costs completely.

This statement is incorrect. The increase from .60 to .65 happened in Tax Year 2009 payable in 2010 for FY2011 budgeting. For Tax Year 2010, whose revenues will be collected in 2011 and applied to the FY2012 budget, the total rate increased again, to .68990. Join me for a document and a bombshell after the jump.

Click once to get to the album, then once more for the largest image.

DeK City Property Tax 2009-10

What I think happened is that the city meant for the rate to stay at .65, but it had to rise to meet the levy request because of a shocking drop in EAV. What’s more, the document shown is only part of the story, because the City of DeKalb’s total EAV has dropped $54.3 million since 2008.

I’ve put together a chart showing the tax trends since Tax Year 2005 for the City of DeKalb and its most important TIFs revenue-wise. I’ll put that up ASAP.

Sources:

Tax Information: Property Tax Levies & Rates

Budgets from the City of DeKalb Downloads page

The DeKalb County Historical Listings by District, 2009-10 are courtesy of the DeKalb County Clerk, John Acardo. I’d be glad to share the PDF upon request. Full tax information for Tax Year 2010 is still a work in progress but will be uploaded very soon to the DeKalb County and Clerk’s office web pages.