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Major Revenue Sources Major Revenue.Sources
<br /> 00000
<br /> Levi Purpose
<br /> to�,4 U w ' 9I 5 o Jll J
<br /> ilii..
<br /> il
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<br /> Property Tax(19%of 2022 General Fund Budget)
<br /> Properly taxes include amounts levied against all real and public utility property located in the
<br /> City. 2022 real property taxes are levied October 1,2022 on the assessed value as of January General Fund ,ii Bond Retirement Fund o Police&Fire Pension Funds
<br /> 1,2022,the lien date. Assessed values are determined by the State of Ohio to be 35%of W WfP Imiurovernent Fund ,,Total Property"fax Millage
<br /> appraised market value. The 2022 real property taxes are collected in and intended to finance
<br /> 2023 operations.Therefore,2023 annual property tax revenue is largely dependent upon the tax
<br /> year 2022 Assessed Valuation,
<br /> Levy Purpose Mills
<br /> Assessed Valuation undergoes major changes every three years. The 2022 property tax General Fund 8.65
<br /> collection year included the results of a Triennial update of properties throughout Cuyahoga
<br /> County. This process requires an examination of sales trends in each neighborhood,with Bond Retirement Fund 3.47
<br /> adjustments to each property based on those overall sales trends of the area. A Revaluation, Police&Fire Pension
<br /> scheduled to impact the 2025 revenues,involves a complete reexamination of the attributes of Funds 3.28
<br /> each individual parcel,with a new valuation assigned to each parcel based upon the analysis.In
<br /> between the major appraisal activity,the City's Assessed Valuation fluctuates modestly each year W WTP Improvement
<br /> based on changes to specific parcels due to occurrences such as new construction or successful Fund 2.00
<br /> appeals for reduction in assessed value, The last Triennial update was completed in 2021 Total Property lax
<br /> (impacting 2022 revenue),with the total revaluation scheduled for 2024(impacting 2025 revenue).
<br /> Millage 17.40
<br /> Property tax is projected at$10,090,000 in 2023,which represents a 31%decrease compared to
<br /> the$10,407,662 recorded in 2022. Decreases typically occur the year after mass public
<br /> appraisals take place when there is a substantial rise in value,as has been the case in Lakewood,
<br /> as a result of the Triennial update recently completed by the Cuyahoga County Fiscal Officer,
<br /> Real Property taxes are settled serni-annually by the Cuyahoga County Fiscal Officer,scheduled
<br /> for March 15,2023 and August 15,2023. 2023,and August 15,2023.Prior to those settlement
<br /> dates,the City expects to receive advance,payments on January 17,2023;February 15,2023,
<br /> 28 30
<br /> Major Revenue Sources
<br /> Executive Summary
<br /> and July 14,2023.Also,additional payments for the State's Rollback and Homestead programs -- _._.......__ ......_______._ .._.
<br /> are paid to the City after the settlement dale. These payments,although they are connected to City of Lakewood Financial Reserves 2012-2022
<br /> the property tax system,are classified as Intergovernmental Revenue in the City's accounting Budset
<br /> system,reflecting their status as being provided by the State of Ohio,and are not included as partE<onomm sePamuo„ a-27th Pay
<br /> Gera
<br /> stabniraoon
<br /> of the 19%of the General Fund Budget cited above. The City projects nearly$1.3 million in nl rand oe�eloPmem Paymem _Wd is z.as Aa",oun1
<br /> homestead and rollback payments associated with the property tax in 2023. Collectively,that Year-end A«oath A—— Iyear-end (yearend
<br /> would make the property tax's total overall impact at 22%of the total General Fund Budget. General wnd Uo,,o"nbered m,of Iyear-end omd: (year-end rands In.& om,
<br /> Revenues Fund Balance Reserve Encombered) Encumbered) mbered)Encumbered)
<br /> En$1.5M ,5%of
<br /> Minimum Goal-> 60 Days $1,000,000 $s00000 ,um P,mr Yea
<br /> Amounts(in Millions) mnlation Revenue:
<br /> 2012 _9 ppeA6n -__sono loo S an2,uoo $ as6,000 $ -
<br /> Coll6crlonYnar 2042 2021 2020 2019 2018 2017 2016 2015 2014 2013 x019 $3,.574,4o>$ s4s7oa09 ._-1.s $ 029,8-13 5 '52,482 $$ acc., 5_14-A $41,8%4,649 $ f,46G,231 8. $ _ 9-_068 $ C19%,35s $ $'1,919
<br /> Assessed Propen'y Tax Valuai1o9$1,363.41 $1,!191.69 $1,087.44 $1,093.06$973.09 $901.37 $895.48 $853.74 $852.57 $853.30
<br /> 1.04
<br /> zois 5 Y1,422,487 $ s<axsy34_ sl.n $ i,111,1u9 S_47 35s $_=po,000 $i.,>9o,a>o
<br /> Comments° Update Renal Update Reval - $4o,mo,lzl 1Cale,46e sa.o 5 ,1,vo0,B6z 5 eal $ Bao,00o $Is ,1_24
<br /> __ _ _ _ _
<br /> _.___ 73,Io9$......y43>,697 55.9 $ _._..140004s50,,,-,�__._.._.- 1,946,124
<br /> 20ll $i),8
<br /> Property Ta%Reverse- tions 541383 93 $ 616140E ( S 1,103934 5 44480 5 400000 $1106,124
<br /> 6eneal Fund $11.57 $942 $9.34 $9.41 $7.9A $7.79 $776 $7,42 $7.24 $7.39 "200 ,4a,enAzez__5...-_t_uz<.16___6,9 5---i�0��,3v $........._'16zpuu $ .>o0,o00 $Roz�,uuo
<br /> _ $44.1.1318 $ 1931
<br /> .......
<br /> ebt Service Puntl $3.78 $3,74 $3.77 $3.18 $3.21 $3.11 $3,08 $2.92 $299 gOzx "",t 4x,997,6'0 92zs 4--- __,. ___:_- _._.__"._. 914
<br /> ss 611 6 $ r<os4,aJe 5 10 0 39
<br /> Poli111-111
<br /> e Px Flre.Pension Funds $4.28 $3.57 $3.54 _$3.57 $3.01 $2.95 $294 $1,83 $2.76 $2.80 zozz Pro7a<:nd" S 53,000,600$ 9,,zz lzs 65.6 S S,lsa,aao o$ s,lzn,sza $ l,i,00,aa> 5 2,ea9,ea4
<br /> A-City of Lakewood Received$7,765,222.18 in ESCote T Revenues in 2014.
<br /> NImprovement Fund $2.23 $2.18 _ $1.16 $2.18 $1.84 $1.80 $1.79 $1,73 $168 $1.71 B-In<wdes$s,000 SBA Grant fmm CPyaboxa manly.
<br /> Total ProperCyTax Revenues $23.14 $18.95 $18.78 1 $18.93 $15.97 $15.75 $15.60 $15.06 $14.67 $14.89
<br /> 'Re I Impacis froma County ftpoo hens l tattoo
<br /> Update-Impacts from a iriennid Update
<br /> ^Inclodes liomestmed nnd Rollback Fundt hon the Stat,d Ch
<br /> ......... ....... ____- ___ -------_-
<br /> Property Fax Revenue
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<br /> $20.00
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