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Posted to City Manager's Blog on August 9, 2016 at 8:39 AM by grodericks grodericks
One of the vital revenue sources for the Town is its Special Parcel Tax. The Special Parcel Tax has been around since the late ‘70’s. It was approved again by a two-thirds vote of residents in November 2013 for another 4 years (Measure S). The tax must be submitted to the voters for renewal every four years. Measure S expires in Fiscal Year 2017/18 and the Council will decide whether to place it on the November 2017 ballot in July 2017. The average amount paid per property is approximately $750 per year (about $63 a month). The Parcel Tax raises $1,860,000 per year.
The basic property tax is the other major revenue source for the Town. For Fiscal Year 2015/16, the total assessed valuation for the Town was $8,791,201,962. Basic property tax on that assessed valuation is 1% or $87,912,020. This is the total amount of property taxes paid by our residents. This is divided across the 2,620 distinct properties in Town and results in an average of $33,554 per year in property taxes by property owner (about $2,796 per month). It will vary by property based on the assessed valuation of that particular property. Of that total amount, $87,912,020, in basic property taxes, the Town receives $0.0857 per $1 or approximately $7,534,060. This is approximately $2,875 per year per property or about $240 per month.
For comparative purposes, the Town’s total annual operating budget, not including the cost to maintain capital infrastructure - streets, roads, drainage, and the Park is approximately $11,860,000.
The Parcel Tax provides funding to maintain police services and fund street and infrastructure maintenance projects, drainage projects, and other road/drainage related capital infrastructure projects. The Parcel Tax generates approximately $1.86 million annually and is currently split 20% to police services and 80% to capital projects. Year over year, the Town saves and spends funds raised from the Parcel Tax. Earlier this year, I prepared a map of the Town’s Capital Projects for Fiscal Year 2016/17. Click here or on the map to download an interactive PDF.
Town of Atherton
Tag(s): Parcel Tax, CIP