November 6 ballot issues…..here is what it will cost you

With the capable assistance of the Lake County Auditor’s office, we have compiled the statistics on the cost by taxing district for each new and renewal levy.  We will then give you our opinions in another post on what we think of some of the ballot issues.  We will not hold anything back.

Here is the list again of the ballot issues as given to us by the Lake County Board of Elections:
November 6th ballot issues for Lake County

We have taken that raw data and have created schedules that,  hopefully, will provide Lake County taxpayers with an understand of what each levy will cost them and then what the totals will be if all the levies are passed by the voters.

Let’s first review the NEW levies: There are four new levies and one renewal with an increase.
Summary of New Levies 11-6-18

Here is the cost of the new levies by taxing district and the annual cost if each tax levy is passed by the voters.
New Annual Cost of RE taxes 11-6-18

Now let’s take a look at the RENEWAL levies: There are 10 renewal levies.
Summary of Renewal Levies 11-6-18

Here is the cost of the renewal levies by taxing district:
Renewal Levies by Taxing District 11-6-18

Here is the annual cost per $100,000 if all renewal levies are passed by voters.
Annual Cost per $100,000

As a reminder, these are your “out of pocket” costs, but remember to determine the HAT costs (Housing Affordability Threshold) you must divide the “out of pocket” cost by .3 to determine the additional income that you need to cover the new taxes and not be priced out of your home.

HAT % = (Mortgage + Utility + Property Tax x 12) / Annual Income….if that number is 30%, or more, then you house is deemed unaffordable.    If your current HAT% is 20% then, in reality, you must divide any new taxes by 20% to determine the annual income needed to ensure that you are not inching closer to the 30% threshold.

 



Categories: Tax Levies

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