The Truth on Renewal Levies…..100% accuracy is our goal…

We had been told that there is a new law that allows renewal levies to realize an increase in their property tax revenue based on the State mandated reappraisals of property values.  Rather than just accepting that statement as a fact, we sent an email to the Lake County Auditor, Mr. Ed Zupancic, asking him to confirm any changes in the law dealing with renewal levies.  Here is his response:

Mr. Massie,

Thank you for the email.  As the state tracks the values from year to year and the amount generated by each levy we wanted to verify that they were not aware of any changes and they are not.  We can confirm that there has been no change to the calculation and that renewal levies are subject to the TRF.  (emphasis added by LFC)

Thank you,
Edward H. Zupancic
Lake County Auditor

(LFC Comment: What this means is that there are  no new additional increases in property taxes on outside millage renewal levies because of the current reappraisals.  However, there will be an increase in property taxes for all  existing inside millage.    The total amount of the increase in the inside millage property taxes is unknown at this time.  However, we will stay on top of it for you, and will let you know when the information is available from the State and the Lake County Auditor’s office.)

Many thanks to Mr. Zupancic and his outstanding staff at the Lake County Auditor’s office for being an invaluable resource in helping us understand the complex world of property taxes.

 



Categories: Real Estate Taxes

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