In “DeKalb Gives First Approval to Property Tax Levy,” we get this:
The aldermen had previously set the ceiling for a property tax levy at $9.67 million, and were given two options by city staff to set the request at either $9.67 million or $9.63 million – the amount the city levied last year.
According to the Chronicle, the city council appears to support the higher levy, and the rate would go up, too, to about 79 cents. Anything else?
The city uses property tax revenue to fund pensions of city staff, police officers and firefighters. The $9.67 million request would be able to fund all the police and fire pensions, and 45 percent of the pensions of city staff. The other 55 percent will have to be made up from one of the city’s other funds, she said.
Let us summarize (using both today’s Chronicle story and Monday’s CB post.)
- As a rule, city property tax collected ONLY goes to city pensions.
- The property tax levy will probably go up for tax year 2012.
- As the levy goes up, the rate will go up, too — about 7 cents.
- A 7-cent hike would probably set a record.
- Despite a probable record hike — and the investment gains we showed you Monday — it’s said we still need to put more money up front to cover rising costs.