Notice of Proposed Tax Increase for FY2024-25 Primary Property Tax Levy
April 17, 2024
In accordance with A.R.S. §9-499.15, public notice is hereby given that the Benson City Council may consider increasing the primary property tax rate for Fiscal Year 2025. The final levy amount may be increased over the approved levy for Fiscal Year 2024 due to increases in property value, or the Council may consider an increase in the primary property tax rate up to the maximum supportable levy. The final property tax levy and primary property tax rate for Fiscal Year 2025 will be considered no sooner than after 60 days from posting of this notice.
TRUTH IN TAXATION ANALYSIS
Rate of $0.9161 Keeping Tax Rate the Same
Calculation for Truth in Taxation Hearing Notice pursuant to A.R.S. §42-17107
| Actual current primary property tax levy: | $ 384,984 |
| Net assessed valuation: | $ 43,793,276 |
| Value of new construction: | $ 1,223,145 |
| Net assessed value minus new construction: | $ 42,570,131 |
| MAXIMUM TAX RATE THAT CAN BE IMPOSED WITHOUT A TRUTH IN TAXATION HEARING: | $ 0.9044 |
| Growth in property tax levy capacity associated with new construction: | $ 11,062 |
| MAXIMUM PRIMARY PROPERTY TAX LEVY WITHOUT A TRUTH IN TAXATION HEARING: | $ 396,066 |
| Proposed primary property tax levy: | $ 401,190 |
| Proposed increase in primary property tax levy, exclusive of new construction: | $ 4,981 |
| Proposed percentage increase in primary property tax levy: | 1.29% |
| Proposed primary property tax rate: | $ 0.9161 |
| Proposed increase in primary property tax rate: | $ 0.0117 |
| Proposed primary property tax levy on a home valued at $100,000: | $ 91.61 |
| Primary property tax levy on a home valued at $100,000 if the tax rate was not raised: | $ 90.44 |
| Proposed primary property tax levy increase on a home valued at $100,000: | $ 1.17 |
TRUTH IN TAXATION ANALYSIS
Rate of $0.9044 Maximum W/O TNT Hearing
Calculation for Truth in Taxation Hearing Notice pursuant to A.R.S. §42-17107
| Actual current primary property tax levy: | $ 384,984 |
| Net assessed valuation: | $ 43,793,276 |
| Value of new construction: | $ 1,223,145 |
| Net assessed value minus new construction: | $ 42,570,131 |
| MAXIMUM TAX RATE THAT CAN BE IMPOSED WITHOUT A TRUTH IN TAXATION HEARING: | $ 0.9044 |
| Growth in property tax levy capacity associated with new construction: | $ 11,062 |
| MAXIMUM PRIMARY PROPERTY TAX LEVY WITHOUT A TRUTH IN TAXATION HEARING: | $ 396,066 |
| Proposed primary property tax levy: | $ 396,066 |
| Proposed increase in primary property tax levy, exclusive of new construction: | ---- |
| Proposed percentage increase in primary property tax levy: | 0.00% |
| Proposed primary property tax rate: | $ 0.9044 |
| Proposed increase in primary property tax rate: | $ 0.0000 |
| Proposed primary property tax levy on a home valued at $100,000: | $ 90.44 |
| Primary property tax levy on a home valued at $100,000 if the tax rate was not raised: | $ 90.44 |
| Proposed primary property tax levy increase on a home valued at $100,000: | $ 0.00 |
TRUTH IN TAXATION ANALYSIS
Rate of $0.9224 Maximum Tax Levy
Calculation for Truth in Taxation Hearing Notice pursuant to A.R.S. §42-17107
| Actual current primary property tax levy: | $ 384,984 |
| Net assessed valuation: | $ 43,793,276 |
| Value of new construction: | $ 1,233,145 |
| Net assessed value minus new construction: | $ 42,570,131 |
| MAXIMUM TAX RATE THAT CAN BE IMPOSED WITHOUT A TRUTH IN TAXATION HEARING: | $ 0.9044 |
| Growth in property tax levy capacity associated with new construction: | $ 11,062 |
| MAXIMUM PRIMARY PROPERTY TAX LEVY WITHOUT A TRUTH IN TAXATION HEARING: | $ 396,066 |
| Proposed primary property tax levy: | $ 403,949 |
| Proposed increase in primary property tax levy, exclusive of new construction: | $ 7,663 |
| Proposed percentage increase in primary property tax levy: | 1.99% |
| Proposed primary property tax rate: | $ 0.9224 |
| Proposed increase in primary property tax rate: | $ 0.0180 |
| Proposed primary property tax levy on a home valued at $100,000: | $ 92.24 |
| Primary property tax levy on a home valued at $100,000 if the tax rate was not raised: | $ 90.44 |
| Proposed primary property tax levy increase on a home valued at $100,000: | $ 1.80 |