LAHARPE — Property owners in LaHarpe will want to pay close attention to what their home values are this year.
If values are the same, those property owners will have to fork over a bit more when they pay their 2017 property taxes later this year, according to the city’s proposed spending plan.
LaHarpe City Council members, in a special meeting Monday, scheduled an Aug. 10 budget hearing for the city’s 2017 budget. (A summary of the budget appears on Page A3.)
The budget is supported by an ad valorem tax levy of about 59.291 mills, roughly 4.6 mills higher than what taxpayers spent this year.
The higher levy comes even though spending would remain largely flat, accountant Phil Jarred noted.
Jarred explained the quirk to the Council at Monday’s meeting, and to a Register reporter Tuesday.
The city projects to spend $83,645 in its general fund in 2017, which is a shade higher than the $81,000 or so in general fund spending this year.
However, LaHarpe’s expected drop in assessed valuation means it requires a higher levy to spend the same dollars next year, Jarred explained.
LaHarpe’s assessed valuation will be finalized later this fall, but it is expected to drop from $1.49 million to $1.41 million in 2017. LaHarpe’s valuation will be more than $100,000 lower in 2017 than it was in 2015 ($1.515 million.)
The general fund levy also is affected by carry-over balances from other funds, Jarred explained.
With the higher levy, the owner of a $50,000 home will spend about $340 in property taxes to support the city, about $27 more than was spent this year. (Provided the home still carries the same value.)
Those figures do not count property taxes to support other local taxing districts, such as USD 257, Allen Community College and Allen County.
The public is invited to ask questions about the proposed budget at the Aug. 10 hearing,
Council members likely will adopt the spending plan following the 7 p.m. hearing at City Hall.
