We had heard about Lakeland Community College putting a tax levy on the ballot, so we asked the Board of Elections if they have any information.

The Board of Elections made the following comment when they sent us the information today:
” Just want to remind you that Candidates and issues have been withdrawn from the ballot before certification and sometimes after.  If you have any questions please do not hesitate to call or write.”

We have a very responsive Board of Elections, and they should be commended for the use of technology in the precincts.

Here are the issues that will be on November ballot.

ISSUES FILED FOR NOVEMBER 6, 2018 GENERAL

The (PCTS) represents the number of precincts that will vote on the particular tax levy.  All of Lake County will vote on the Lakeland Community College levy.

Remember that every mill represents $35.00 out of pocket for every $100,000 of home valuation.  However, you must divide that result by .3 to determine the increase in annual income you must receive to avoid impacting your Housing Affordability Threshold. (For home owners – add your mortgage, utilities and property taxes, if the sum of those three equals or is greater than 30% of your annual income then your house is deemed unaffordable.  Renter would add utilities and rent.)

Example of income required for Housing Affordability Threshold:

Mortgage = $500 per month, Utilities = $300 per month, Property Taxes – $500 per month.
Total of all three is $1,300 per month x 12 = $15,600 per year / .3 =  more than $52,000 per year in annual income is needed to be deemed affordable.
Example of calculation of millage:
[.4 mills x $35.00 = $14.00 / .3 = $46.67 for every $100,000 of valuation]

Lakeland Community College – estimated to be .4 mills ….What does this mean?

House Valuation               Annual Out of Pocket Cost             Annual HAT Cost

$100,000                                        $14.00                                              $46.67
$200,000                                        $28.00                                              $93.33
$300,000                                        $42.00                                            $140.00
$400,000                                        $56.00                                            $186.67
$450,000                                        $63.00                                            $210.00
$500,000                                        $70.00                                            $233.00

We would like to remind everyone in Lake County that Lakeland Community College has enjoyed a nearly 100% increase in property tax revenue from Lake County residents – from $10 million in 2008 to $20 million in 2018. We will have much more to report on Lakeland in the coming months.

We will have to ask if the Willoughby-Eastlake school district is considering two levies.  Hard to believe that they would asked for two emergency levies.  We will report our findings.

Categories: Lake, Real Estate Taxes, Willoughby

Tags: FT