2012-2013 Budget - City of Saginaw MI
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2012-2013 Budget - City of Saginaw MI

2012-2013 Budget - City of Saginaw MI 2012-2013 Budget - City of Saginaw MI

saginaw.mi.com
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12.07.2015 Views

CITY OF SAGINAWSCHEDULE OF AD-VALOREM TAXABLE VALUE2003 2004 2005 2006 2007BY PROPERTY TYPEReal PropertyAgricultural 98,362 99,786 102,078 105,157 77,958Commercial 90,909,193 93,217,849 95,061,305 95,064,902 96,361,425Industrial 44,860,660 45,112,282 49,008,656 48,980,153 48,939,004Residential 413,964,808 428,229,633 442,314,586 461,076,412 477,680,156Total Real 549,833,023 566,659,550 586,486,625 605,226,624 623,058,543Personal PropertyCommercial 45,770,900 41,335,600 42,377,998 41,796,637 45,810,753Industrial 71,968,600 68,297,000 62,754,000 65,211,400 55,373,600Utility 14,844,100 14,669,100 14,982,400 15,691,400 16,306,500Total Personal 132,583,600 124,301,700 120,114,398 122,699,437 117,490,853Total Real & Personal 682,416,623 690,961,250 706,601,023 727,926,061 740,549,396BY TAXPAYER CLASSAgricultural 98,362 99,786 102,078 105,157 77,958Commercial 136,680,093 134,553,449 137,439,303 136,861,539 142,172,178Industrial 116,829,260 113,409,282 111,762,656 114,191,553 104,312,604Residential 413,964,808 428,229,633 442,314,586 461,076,412 477,680,156Utility 14,844,100 14,669,100 14,982,400 15,691,400 16,306,500Total 682,416,623 690,961,250 706,601,023 727,926,061 740,549,3962008 2009 2010 2011 2012BY PROPERTY TYPEReal PropertyAgricultural 95,631 114,440 109,851 112,395 29,593Commercial 96,304,235 94,999,826 93,930,967 89,997,662 84,778,764Industrial 47,738,218 47,161,286 32,053,496 30,489,558 29,253,146Residential 471,601,430 445,170,091 388,236,562 350,887,163 334,056,853Total Real 615,739,514 587,445,643 514,330,876 471,486,778 448,118,356Personal PropertyCommercial 43,787,288 40,897,871 36,550,100 36,309,220 32,741,000Industrial 45,371,600 39,775,400 39,087,100 41,319,400 40,166,500Utility 16,742,300 17,433,000 18,003,800 19,876,600 21,003,700Total Personal 105,901,188 98,106,271 93,641,000 97,505,220 93,911,200Total Real & Personal 721,640,702 685,551,914 607,971,876 568,991,998 542,029,556BY TAXPAYER CLASSAgricultural 95,631 114,440 109,851 112,395 29,593Commercial 140,091,523 135,897,697 130,481,067 126,306,882 117,519,764Industrial 93,109,818 86,936,686 71,140,596 71,808,958 69,419,646Residential 471,601,430 445,170,091 388,236,562 350,887,163 334,056,853Utility 16,742,300 17,433,000 18,003,800 19,876,600 21,003,700Total 721,640,702 685,551,914 607,971,876 568,991,998 542,029,55658

General Fund RevenuesTotal 2012/2013 Approved General Fund resources are budgeted at $31,804,156, which represents a decreaseof $1,224,208,208, or -3.71%, from 2012, approved resources of $33,028,364.PROPERTY TAXESCity property taxes are levied each July 1 on the taxable value of property located in the City as of thepreceding December 31, tax day and the lien date. In accordance with the provisions of Proposal A (seebelow), taxable value is the lower of the following three computations: 1) assessed/state equalized value; 2) theprior year’s taxable value multiplied by the increase in the consumer price index or five percent (5%),whichever is less; or 3) the multiplier value. Proposal A requires the City Assessor to annually establish theassessed values and the equalization of said assessed values by the State of Michigan at 50 percent of currentmarket value, prior to the application of formulas to determine the taxable value. Real property taxable valuefor the July 1, 2012 levy will be assessed at $448,118,356 and personal property taxable value will be assessedat $93,911,200.City of Saginaw Share of TaxesUtilities, 4%Agricultural, 0%Commercial, 22%Residential, 62%Industrial, 13%The graph above illustrates the taxable value of property in the city as a percent of customer class.The City of Saginaw’s operating tax rate for FY 2013 is projected to be 7.0637 mills (limited to 7.50 mills). Aspecial assessment of 7.5000 mills is also levied for public safety. The City does not levy for debt service.On March 15, 1994, voters in the State of Michigan approved Proposal A, a property tax reform proposal,which shifted the funding of education from property taxes to a combination of property taxes, higher sales taxand a real estate transfer tax. Property taxes were reduced to a maximum of six mills for homestead propertyand eighteen mills for non-homestead property; the State Sales Tax was increased from four cents to six cents;and a new real estate transfer tax of $7.50 per thousand dollars was added. In addition, Proposal A restrictedthe growth of assessments on individual properties to an increase in the consumer price index or five percent(5%); whichever is less, until ownership of the property is transferred. The citizens of Saginaw subsequently59

CITY OF SAGINAWSCHEDULE OF AD-VALOREM TAXABLE VALUE2003 2004 2005 2006 2007BY PROPERTY TYPEReal PropertyAgricultural 98,362 99,786 102,078 105,157 77,958Commercial 90,909,193 93,217,849 95,061,305 95,064,902 96,361,425Industrial 44,860,660 45,112,282 49,008,656 48,980,153 48,939,004Residential 413,964,808 428,229,633 442,314,586 461,076,412 477,680,156Total Real 549,833,023 566,659,550 586,486,625 605,226,624 623,058,543Personal PropertyCommercial 45,770,900 41,335,600 42,377,998 41,796,637 45,810,753Industrial 71,968,600 68,297,000 62,754,000 65,211,400 55,373,600Utility 14,844,100 14,669,100 14,982,400 15,691,400 16,306,500Total Personal 132,583,600 124,301,700 120,114,398 122,699,437 117,490,853Total Real & Personal 682,416,623 690,961,250 706,601,023 727,926,061 740,549,396BY TAXPAYER CLASSAgricultural 98,362 99,786 102,078 105,157 77,958Commercial 136,680,093 134,553,449 137,439,303 136,861,539 142,172,178Industrial 116,829,260 113,409,282 111,762,656 114,191,553 104,312,604Residential 413,964,808 428,229,633 442,314,586 461,076,412 477,680,156Utility 14,844,100 14,669,100 14,982,400 15,691,400 16,306,500Total 682,416,623 690,961,250 706,601,023 727,926,061 740,549,3962008 2009 2010 2011 <strong>2012</strong>BY PROPERTY TYPEReal PropertyAgricultural 95,631 114,440 109,851 112,395 29,593Commercial 96,304,235 94,999,826 93,930,967 89,997,662 84,778,764Industrial 47,738,218 47,161,286 32,053,496 30,489,558 29,253,146Residential 471,601,430 445,170,091 388,236,562 350,887,163 334,056,853Total Real 615,739,514 587,445,643 514,330,876 471,486,778 448,118,356Personal PropertyCommercial 43,787,288 40,897,871 36,550,100 36,309,220 32,741,000Industrial 45,371,600 39,775,400 39,087,100 41,319,400 40,166,500Utility 16,742,300 17,433,000 18,003,800 19,876,600 21,003,700Total Personal 105,901,188 98,106,271 93,641,000 97,505,220 93,911,200Total Real & Personal 721,640,702 685,551,914 607,971,876 568,991,998 542,029,556BY TAXPAYER CLASSAgricultural 95,631 114,440 109,851 112,395 29,593Commercial 140,091,523 135,897,697 130,481,067 126,306,882 117,519,764Industrial 93,109,818 86,936,686 71,140,596 71,808,958 69,419,646Residential 471,601,430 445,170,091 388,236,562 350,887,163 334,056,853Utility 16,742,300 17,433,000 18,003,800 19,876,600 21,003,700Total 721,640,702 685,551,914 607,971,876 568,991,998 542,029,55658

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