1 ANNUAL TAX LEVY PACKET OF THE OREGON PARK DISTRICT FOR THE 2013 TAX YEAR We Create Fun for a Lifetime
2 OREGON PARK DISTRICT ANNUAL TAX LEVY PACKET FOR THE 2013 TAX YEAR CONTENTS 2012 Tax Year District Statement Section Proposed Tax Levy Calculation Section Tax Effect on Homeowner Section Annual Tax Levy Ordinance Section 4 Representational Tax Graphs Section 5 MISSION STATEMENT To provide quality service through programs, parks and facilities to fulfill the needs of the community in a fun, safe and friendly environment.
3 Oregon Park District 2013 Levy The tax generated by the Oregon Park District is a calculation of the property tax levy, the property tax rate, and the equalized assessed value (EAV). EAV multiplied by Tax Rate = Property Tax Revenue I. The EAV of the Oregon Park District changes on an annual basis. The EAV is determined by the Ogle County Assessment Office for all the taxable property within the Oregon Park District boundaries. II. The Oregon Park District determines a property tax levy for each calendar tax year. The estimated levy compared to the EAV determines the rate at which the property owner within the Oregon Park District will be taxed. III. The desired levy of the Oregon Park District multiplied by the current EAV determines the Property Tax Revenue that will be received from the collection of taxes within the Oregon Park District boundaries. The primary source of the District's tax base is the Exelon Generation Station. The 2011 tax year represented the final year of the previous real property tax assessment agreement. The OCIA (Ogle County Intergovernmental Association), which includes the District, is currently meeting to discuss the possibility of a future agreement with Exelon. The budget and levy assumptions for the 2013 tax year will be directly impacted by future negotiations, the board of review, PTAB, and possible court decisions. While the expected Equalized Assessed Value of the District is approximately 638 Million (early estimation established by the Assessment Office in October), the District will levy its Corporate and Recreation funds at a higher rate to capture any additional real estate revenue in the event that the EAV increases between the filing of the annual tax levy and final established EAV. The increased levy amount in the corporate and recreation funds is typically minimal. The 2013 tax levy directly funds the Districts fiscal year. The County Treasurers office will collect the 2013 tax revenue in two installments (June and September) of The Park District will then receive its share of the tax revenue following those two collections. The District will be focused on financial and capital planning in the fiscal year. The District commissioned a strategic financial plan in association with Bridgeport Partners to be completed in early The District will then incorporate its capital improvement planning and corresponding long range planning to help guide the District over next 5 years.
4 The Oregon Park District will not complete the Truth in Taxation proceedings for the 2013 Tax Levy. Illinois Law requires local municipalities to publish a Truth in Taxation notice, as well as hold a public hearing, if the municipality considers levying property taxes greater than 5% of the preceding tax year s extension. The District estimates the 2013 tax year extension to be only 2.33% more than the preceding year s extension. The calculation to determine the Truth in Taxation rate does not include the Debt Service Levy (General Obligation Bonds). The Districts overall tax receipts will increase by approximately 3.37% over the 2012 tax year. While the District will collect more tax revenue than the preceding year, the taxes paid by individual homeowners will not increase at that rate. The Park District estimates that the typical Oregon Homeowner will actually see a tax decrease of 1.34%. See section 3 for more information on the tax effect of homeowners. OREGON PARK DISTRICT FUNDS CORPORATE FUND RECREATION FUND AUDIT FUND LIABILITY FUND IMRF FUND SCHOLARSHIP FUND SOCIAL SECURITY FUND POLICE FUND PAVING & LIGHTING FUND BOND & INTEREST FUND PARK IMPROVEMENT FUND Taxes levied annually for the District s corporate purposes, such as administrative operations and park/building repairs and improvements. Taxes levied annually for the purpose of planning, establishing and maintaining recreational programming. Taxes levied annually for the payment of the Districts annual audit. Taxes levied annually for the payment of liability insurance and risk management. Taxes levied annually for expenses related to pension liabilities for personnel. Established to assist underprivileged youth participate in District programs. Fund does not consist of any tax revenue. Taxes levied annually for expenses related to employee liability expenses for Social Security and Medicare. Taxes levied annually to help support a safe parks system. Taxes levied annually for expenses related to maintaining lighting and pavement of District parks, roadways and facilities. Taxes levied annually for the payment of the Districts General Obligation Bonds. Established to assist the District in repairing and improving District properties. Revenue consists of General Obligation Bond receipts, grants and other dedicated funds. We Create Fun for a Lifetime
5 OREGON PARK DISTRICT 2013 Proposed Tax Levy Calculation Truth In Taxation Calculation and Homeowners Effect 2012 Anticipated EAV 2012 Anticipated Levy Amount 2012 Anticipated Levy Rate 2013 Estimated EAV* 2013 Estimated Levy Amt 2013 Estimated Levy Rate % Change Fund Levies Corporate 630,986, , ,610, , % Recreation 630,986, , ,610, , % Audit 630,986,109 24, ,610,839 22, % Liability 630,986, , ,610, , % IMRF 630,986, , ,610, , % Social Security 630,986, , ,610, , % Paving and Lighting 630,986,109 31, ,610,839 31, % Police 630,986,109 55, ,610,839 40, % Total Tax Levy Truth in Taxation 1,662, ,701, % Debt Service Levies Bond and Interest 630,986, , ,610, , % Total District Levy - 2,593, ,681, % * Assessors Office early 2013 EAV Estimation October 2013
6 2013 Tax Effect on Homeowner The Oregon Park District annually files its tax levy ordinance by the last Tuesday in December. The Ogle County Clerk then processes the District s tax rate along with all other taxing bodies within the homeowner s district. The Assessor s office totals the Equalized Assessed Value (EAV) for each District. The County Clerk then calculates the tax rates and passes the billing along to the Treasurer s Office. Budget/Levy Cycle Ogle County Oregon Fire Dist Community College School District Library District Park District Road District Township District City of Oregon This is a typical Oregon Park District homeowner s tax bill for the 2011 tax year. Each taxing districts rate will be broken down for the homeowner. The total rate multiplied by homeowners EAV will determine their annual real estate taxes due. The assessor s office determines an individual property EAV. A property s EAV is approximately 1/3 of its respective fair market value. EAV X Total Tax Rate = Property Tax Due TOTAL RATE $111,326 = Median Oregon Home price in Districts 2007 Master Plan $37,109 = Taxation EAV of approximately 1/3 Fair Market Value $6,000 = Less Homestead Exemption (maximum) $31,109 = TAXABLE EAV Typical Homeowners Tax Liability to Park District Typical Oregon Household Tax Year Home EAV Rate Taxes Due , $ , $ , $ * 30, $ * 29, $ * 27, $ * 26, $ Change $1.52 * Negative Multiplier > 2010 =.9760 / 2011 =.9678 / 2012 =.9421 / 2013 =.9660 (County Assessment Office)
7 The 2013 proposed tax levy calculation estimates a decrease in the typical Oregon homeowner taxes payable to the Oregon Park District. A tax decrease of $1.52 is expected for an owner of a median home (fair market value of $111,326 in 2007). The District makes every effort to provide the best services possible, with the least amount of impact to the local taxpayers. While the District makes every attempt to balance its tax rate on an annual basis, slight fluctuations will occur. While the Park Districts overall tax rate is estimated to increase by (per $100 of Equalized Assessed Value), the typical Oregon homeowner is expected to realize a reduction in taxes payable to the Park District. Distribution of a typical Oregon Homeowners Tax Liability for the 2012 tax year
8 The Oregon Park District s tax rate represents only 4.57% of the typical Oregon homeowner s real estate tax liability for 2012 tax year. The Table below breaks down the real estate tax liability of a typical Oregon Homeowner. The Oregon Park District has done its best to help provide our residents with the best programming and facilities while attempting to keep its tax rates low. As seen below, the District s tax rate has remained stable, while many District s has been forced to increase their rates. The Park District s tax representation has decreased from 5.2% of the total tax rate to 4.57% over the last four tax years Ogle County Oregon Township Oregon Fire District City of Oregon Oregon Library District Oregon School District # Community College District # Oregon Park District TOTAL TAX RATE Tax Rate Per $100 of Equalized Assessed Valuation Visit for more information!
10 II. RECREATION FUND Building 1) Salaries 159, ) Other Payroll 28, ) Maintenance Building 8, ) Telephone/Utilities 1, ) Other Professional Services 14, ) Training 4, ) Maintenance Supplies 16, , Programs 1) Salaries 163, ) Other Payroll/Contractors 54, ) Postage 1, ) Printing & Publication 6, ) Other Professional Services 7, ) Training 3, ) Dues & Subscriptions 2, ) Recreation Supplies 10, ) Office Supplies 2, , TOTAL FOR RECREATION FUND 480, Said amounts are hereby levied as the Recreation Fund Tax III. AUDIT FUND 1) Audit 22, TOTAL FOR AUDIT FUND 22, Said amounts are hereby levied as the Audit Fund Tax IV. LIABILITY INSURANCE FUND 1) Property 44, ) General Liability 30, ) Automobile 10, ) Compensation 36, ) Unemployment 27, ) Risk Management Salaries 78, TOTAL FOR LIABILITY INSURANCE 225, Said amounts are hereby levied as the Liability Insurance Fund Tax
11 V. RETIREMENT FUND 1) IMRF 140, TOTAL FOR RETIREMENT FUND 140, Said amounts are hereby levied as the Retirement Fund Tax VI. SOCIAL SECURITY FUND 1) Social Security 125, TOTAL FOR SOCIAL SECURITY FUND 125, Said amounts are hereby levied as Social Security Fund Tax VII. POLICE FUND 1) Police System 40, TOTAL FOR POLICE FUND 40, Said amounts are hereby levied as Police System Tax VII. PAVING AND LIGHTING 1) Paving and Lighting Fund 32, TOTAL FOR PAVING AND LIGHTING FUND 32, Said amounts are hereby levied as the Paving and Lighting Fund Tax SUMMARY OF TOTAL TAXES TO BE LEVIED FOR CORPORATE 640, RECREATION 480, AUDIT 22, LIABILITY INSURANCE 225, RETIREMENT 140, SOCIAL SECURITY 125, POLICE 40, PAVING AND LIGHTING 32, ,704, Making the aggregate sum of One Million, Seven Hundred Four Thousand Dollars to be raised by taxation and levied on all the taxable property in said Park District for 2013 tax year, in order to meet and defray all the necessary
14 EQUALIZED ASSESSED VALUE OF THE OREGON PARK DISTRICT $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 $ * TAX YEAR * Estimated EAV SECTION 5
15 Tax Extension by Year $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 Tax Year * Anticipated Collection
16 Tax Levy Rate by Year Bond Levy Total Levy * Anticipated Rate