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Village of Maryville, Illinois

Description Public Hearing - 2005 Tax Levy
Date12/7/2005 Location Council Chamber
Time Speaker Note
6:37:33 PM Gulledge Called the public hearing of Wednesday, December 7, 2005 to order. There were eleven (11) people in attendance. He explained the purpose of the hearing is to discuss the Village of Maryville's 2005-2006 tax levy. He turned the hearing over to the attorney.
6:38:01 PM Wigginton Stated pursuant to the Truth in Taxation Act, this public hearing is required. Stated the actual extension of taxes anticipated is greater than 5% over the previous year's amount. Stated last year the Madison County extension of 2004 was $1,180,997.49. Explained based upon the anticipated assessed valuation of $125,500,000.00 the Village anticipates that the proposed extension for this year will be $1,316,601.50. Reminded the Board that these figures are estimates. Stated this equals an approximate 11.4% increase. Stated at this time he would go through the categories of the levy, and later would discuss some information he put together for the Board with regard to assessed valuation and growth. Explained Section One (1) of the ordinance, stating the levy will be $313,750.00 for general corporate purposes. Explained the levy for Fire Protection will be $251,000.00; for Police Protection will be $94,125.00; for Street and Bridge will be $125,500; for Street Lighting will be $15,000.00; for Liability and Worker's Compensation Insurance will be $5,000.00; for Unemployment Insurance will be $4,600.00; for the Annual Audit of the Financial Operations will be $10,000.00; for the Public Comfort Stations will be $41,791.50.00; for the Working Cash Fund will be $62,750.00; for Federal Social Security Fund will be $90,500.00; for the Illinois Municipal Retirement Fund will be 68,000.00; for the Police Pension Fund will be $127,400.00; for the Fire Department Pension Fund will be $32,585.00. Stated the Village anticipates its assessed valuation will grow in 2005 to $125,500,000.00. Assessed valuation for 2004 was $112,465,240.00. Stated to give an idea of how fast Maryville has grown, in 1999 the assessed valuation was $54,899,203.00. Explained that since 1999 the valuation has more than doubled. Stated the five-year average annual increase in assessed valuation between 1999 and 2004 was 15.42%. Stated the growth rate in assessed valuation from 1999 to 2004 was greater than ten other larger municipalities in Madison County including Alton, Collinsville, East Alton, Edwardsville, Glen Carbon, Granite City, Highland, Troy and Wood River. Stated not only is Maryville's assessed valuation growing rapidly, but the tax revenue as a result of that continued growth in new-home construction and in the appreciation in fair market value of existing homes continues to grow. Stated Maryville has become quite an attractive place to live and quite a desirable place to locate new-home construction.  Stated in 1999 the actual taxes received by the municipality were $608,887.00. Stated that number has grown every year since; in 2004 the taxes collected were $1,180,997.00. Stated these tax revenues have grown, even though the tax rate has remained the same or decreased since 1999. In 1999, it was $1.10 per $100 of assessed value; last year it was approximately $1.05, and we expect this year to be approximately the same, actually lower at $1.04. Asked if anyone had an questions. Explained there will also be a tax levy presented for Special Service Areas #1 and #3, but they are not subject to Truth in Taxation because those remain constant every year and are not increasing over last year. Stated they will also be presenting three tax abatement ordinances, which all taxpayers like to hear. Those tax abatement ordinances are to abate the taxes to pay off 1997 General Obligation Bonds in the amount of $850,000.00. Stated they will also be presenting an ordinance to abate the taxes on 2001 General Obligation Bonds in the amount of $935,000. Stated finally, they will be presenting an ordinance to abate the taxes on $2 million in Obligation Bonds for the construction and equipment for the Village Complex Improvements. Stated the Village has determined that it has sufficient revenues to pay the principal and interest on all three of those bond issues, therefore the Village will be presented with ordinances to abate the taxes to repay those bonds.
6:45:04 PM Gulledge Opened the hearing to the public and Board for questions or comments. There were no questions or comments from neither the public, nor the Board.
6:45:51 PM   The hearing was closed.

Respectfully submitted,

Thelma Long, Village Clerk

Produced by FTR Log Notes

The Village of Maryville