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Home My WebLink AboutPH tax rate 9.1.22FY 2022-2023 Proposed Budget Public Hearing –Tax Rate September 1, 2022 1 Proposed Tax Rates FY 2022-2023 Calculated:FY2022 FY2023 Inc/(Dec) No-New Revenue Tax Rate .705171 .617512 (.09) Voter Approval Tax Rate .740715 .691535 (.05) Proposed: M&O Rate .492084 .434681 (.06) Debt Rate .248631 .256854 .01 Total Proposed Tax Rate .740715 .691535 (.05) 2 Tax Rate Calculation FY 2022-2023 •No New Revenue Tax Rate (Previously Effective Tax Rate) •Basically the tax rate needed to generate the same amount of taxes as last year •Voter Approval Tax Rate (Previously Rollback Rate) •The highest tax rate a taxing unit can adopt without holding an election •New legislation in 2021 created a modification of formula used for the M&O rate •Change in maximum rate from 8% to 3.5% without requiring an automatic election •Calculation resulted in a required $.05 reduction in proposed property tax rate 3 Comparison of Assessed Value Tax Years 2021-2022 Certified Certified Inc/(Dec)% (in Billions)2021 2022 2021-2022 Inc/(Dec) Total Market Value 4,744 5,402 658 14% Less Caps & Exemptions 1,364 1,633 269 20% Taxable Value 3,380 3,769 389 11% 4