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<br /> Valuation and Funded Debt History
<br /> Ratio Funded
<br /> Fiscal Ta.'Cable Funded Debt Debt to
<br /> Year Ta.'Cable Assessed Outstanding Taxable Funded
<br /> Ended Estimated Assessed Valuation at End Assessed Debt
<br /> 9-30 Population Valuation (I) Per Capita of Year Valuation Per Capita
<br /> 1992 35,043 S 608,725,571 S 17,371 S 20,065,000 3.30% S572.58
<br /> 1993 35,925 616,052,580 17,148 23,965,000 3.89% 667.08
<br /> 1994 36,823 650,836,423 17,675 29,535,000 4.54% 802.08
<br /> 1995 37,928 752,287,628 19,835 28,760,000(3) 3.82% 758.28
<br /> -- 1996 39,066 833,940,443(2) 21,347 26,970,000(3) 3.23% 690.37
<br /> (1) After deducting all exemptions and abatements.
<br /> (2) Preliminary Taxable Assessed Valuation.
<br /> (3) Includes the General Obligation Refunding Bonds, excludes the General Obligation Refunded Bonds.
<br /> Tu Rate, Levy and Collection History
<br /> Fiscal
<br /> Year Distribution
<br /> Ended Tax General Interest and % Current % Total
<br /> 9-30 '.Rate Fund Sinking Fund Ta.x LeVY Collections(!) Collections
<br /> 1990 SO.5972 SO.4609 $0.1363 $4,086,884 85.95% 99.08%
<br /> 1991 0.5972 0.4582 0.1390 3,823,519 94.95% 100.26%
<br /> 1992 0.5972 0.4497 0.1475 3,595,957 95.23% 100.97%
<br /> 1993 0.5972 0.2894 0.3078 3,662,643 96.19% 103.30%
<br /> 1994 0.4600 0.1711 0.2889 2,978,719 97.10% 107.00%
<br /> 1995 0.4600 0.1565 0.3035 3,457,426 94.66%(2) 96.70%(2)
<br /> (1) Current collections are calculated up to the delinquent date oilly. .
<br /> (2) Collections through 5-31-95.
<br /> Property within the City is assessed as of January 1 of each year (except for business inventory which may, at the option of the
<br /> ta.xpayer, be assessed as of September 1); taxes become due October 1 of the same year, and become delinquent on February 1
<br /> of the follov.ing year. Split payments are not permitted. Discounts are not allowed. Taxpayers 65 years old or older are
<br /> permitted by State law to pay taxes on homesteads in four installments with the first due on February 1 of each year and the
<br /> final installment due on August 1.
<br /> Charges for penalty and interest on the unpaid balance of delinquent ta.xes are made as follows:
<br /> Month Penalty Interest Total
<br /> February 6% .1% 7%
<br /> March 7"/0 2% 9%
<br /> April 8% 3% 11%
<br /> May 9% 4% 13%
<br /> June 10% 5% 15%
<br /> July 12% 6% 18%
<br /> After July, penalty remains at 12%, and interest increases at the rate of 1 % each month. In addition, if an account is delinquent
<br /> in July, a 15% attorney's collection fee is added to the total ta.x penalty and interest charge. Under certain circumstances, taxes
<br /> which become delinquent on the homestead of a ta.xpayer 65 years old or older incur a penalty of 8% per annum with no
<br /> additional penalties or interest assessed. In general, property subject to the City's lien may be sold, in whole or in parcels,
<br /> pursuant to court order to collect the amounts due the City and all other ta.xing entities. Federal law does not allow for the
<br /> collection of penalty and interest against an estate in bankruptcy. Federal bankruptcy law provides that an automatic stay of
<br /> action by creditors and other entities, including governmental units, goes into effect with the filing of any petition in
<br /> bankruptcy. The automatic stay prevents governmental units crom foreclosing on property and prevents liens for post-petition
<br /> taxes crom attaching to property and obtaining secured creditor status unless, in either case, an order lifting the stay is obtained
<br /> from the bankruptcy court. In many cases post-petition ta.xes are paid as an administrative expense of the estate in bankruptcy
<br /> or by order of the bankruptcy court.
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