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2011 Property Tax Rates in City of La Porte
<br />This notice concerns the 2011 property tax rates for City of LaPorte. It presents information
<br />about three tax rates. Last year's tax rate is the actual tax rate the taxing unit used to determine
<br />property taxes last year. This year's effective tax rate would impose the same total taxes as last
<br />year if you compare properties taxed in both years. This year's rollback tax rate is the highest
<br />tax rate the taxing unit can set before taxpayers start rollback procedures. In each case these
<br />rates are found by dividing the total amount of taxes by the tax base (the total value of taxable
<br />property) with adjustments as required by state law. The rates are given per $100 of property
<br />value.
<br />Last year's tax rate:
<br />Principal or Contract
<br />Last year's operating taxes
<br />$13,577,184
<br />Last year's debt taxes
<br />$2,356,371
<br />Last year's total taxes
<br />$15,933,555
<br />Last year's tax base
<br />$2,244,162,676
<br />Last year's total tax rate
<br />$0.710/$100
<br />This year's effective tax rate:
<br />Last year's adjusted taxes
<br />$15,220,968
<br />(after subtracting taxes on lost property)
<br />219,840
<br />This year's adjusted tax base
<br />$2,123,919,068
<br />(after subtracting value of new property)
<br />Certificate of Obligation
<br />=This year's effective tax rate
<br />$0.716/$100
<br />(Maximum rate unless unit publishes notices and holds hearings.)
<br />This year's rollback tax rate:
<br />General Obligation Bonds,
<br />Last year's adjusted operating taxes
<br />240,142
<br />(after subtracting taxes on lost property and adjusting for any
<br />$12,885,102
<br />transferred function, tax increment financing, state criminal justice
<br />General Obligation Bonds,
<br />mandate, and/or enhanced indigent healthcare expenditures)
<br />43,258
<br />This year's adjusted tax base
<br />$2,123,919,068
<br />=This year's effective operating rate
<br />$0.607/$100
<br />x 1.08—this year's maximum operating rate
<br />$0.655/$100
<br />+ This year's debt rate
<br />$0.1051$100
<br />= This year's total rollback rate
<br />$0.760/$100
<br />Statement of Increase/Decrease
<br />If City of La Porte adopts a 2011 tax rate equal to the effective tax rate of $0.716 per $100 of
<br />value, taxes would decrease compared to 2010 taxes by $-518,477.
<br />Schedule A - Unencumbered Fund Balance
<br />The following estimated balances will be left in the unit's property tax accounts at the end of
<br />the fiscal year. These balances are not encumbered by a corresponding debt obligation.
<br />Type of Property Tax Fund Balance
<br />General Fund 11,849,850
<br />General Debt Service Fund 3,117,689
<br />Schedule B - 2011 Debt Service
<br />The unit plans to pay the following amounts for long-term debts that are secured by property
<br />taxes. These amounts will be paid from property tax revenues (or additional sales tax revenues,
<br />if applicable).
<br />Other Amounts Total Payment
<br />to be Paid
<br />0 435,645
<br />0 494,840
<br />0 130,210
<br />0 565,142
<br />0 93,258
<br />0 465,410
<br />0 504,308
<br />0 51],363
<br />Principal or Contract
<br />Interest to be
<br />Description of Debt
<br />Payment to be Paid
<br />Paid from
<br />from Property Taxes
<br />Property Taxes
<br />General Obligation Bonds,
<br />270,000
<br />165,645
<br />Series 2002
<br />Certificate of Obligation
<br />275,000
<br />219,840
<br />Bonds, Series 2004
<br />Certificate of Obligation
<br />75,000
<br />55,210
<br />Bonds, Series 2005
<br />General Obligation Bonds,
<br />325,000
<br />240,142
<br />Series 2005
<br />General Obligation Bonds,
<br />50,000
<br />43,258
<br />Series 2006
<br />Certificate of Obligation
<br />250,000
<br />215,410
<br />Bonds, Series 2006
<br />Certificate of Obligation
<br />200,000
<br />304,308
<br />Bonds, Series 2007
<br />General Obligation
<br />400,000
<br />111,363
<br />Refunding Bonds, Series
<br />2010
<br />Other Amounts Total Payment
<br />to be Paid
<br />0 435,645
<br />0 494,840
<br />0 130,210
<br />0 565,142
<br />0 93,258
<br />0 465,410
<br />0 504,308
<br />0 51],363
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