As a continued service to Lake County taxpayers, we believe that it is important that taxpayers know what their annual costs will be if ALL of the proposed levies in their taxing districts on the May 8th, 2018 ballot are approved by the voters. We have received the levy information from the Lake County Board of Elections, and confirmation that our calculations are correct from the Lake County Auditors.
Here is a schedule of all of the Tax Levies on the ballot:
Ballot Issues for May 8th
The next 3 schedules will give the total annual cost, based on your home valuation, if ALL levies pass for each taxing district. The home valuation range from $100,000 to $1 million in $50,000 increments.
For example, if you live in taxing district 10, Concord-Mentor, and your home is valued at $350,000, you will see your real estate taxes increase $133.63 per year, if all of the levies impacting taxing district 10 are approved by the voters.
You may wish to consider the Housing Affordability Threshold of 30%. In order for the tax increase not to impact your HAT % you would divide the actual tax increase by .3 to give you the additional annual earnings you need in order to avoid impacting you HAT %. In our example, the $133.63 increase for the Concord – Mentor resident would require $445.43 ($133.63 / .3) in additional annual earnings so that their HAT % would not be negatively impacted. (hope this makes sense) In other words, if you did not receive an increase in earnings, the tax increase would put you that much closer to the 30% maximum housing affordability threshold. Any additional tax increases without a corresponding earnings increase starts to price all of us out of our homes.
The first schedule covers home values from $100,000 – $350,000, the second $400,000 – $650,000, and the third $700,000 – $1,000,000.
We sincerely hope that these schedules will help you make decisions on how to vote on May 8th. Regardless, of how you vote, please vote…..a lot of citizens have sacrificed for our liberty and freedoms. Do not take the right to vote lightly. It is Citizenship 101.