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NOTICE OF INTENT

April 18, 2023

In accordance with A.R.S. §9-499.15, public notice is hereby given that the Benson City Council may consider increasing the primary property tax rate for fiscal year 2024. The final levy amount may be increased over the approved levy for Fiscal Year 2023 due to increases in property value, or the Council may consider an increase in the primary property tax rate up to the maximum supportable levy. The final property tax levy and primary property tax rate for fiscal year 2024 will be considered no sooner than after 60 days from posting of this notice.


TRUTH IN TAXATION ANALYSIS
Rate of $0.9044 Keeping Tax Rate the Same
Calculation for Truth in Taxation Hearing Notice pursuant to A.R.S. §42-17107

Actual current primary property tax levy: $ 365,248
Net assessed valuation: $ 42,024,189
Value of new construction: $ 546,460
Net assessed value minus new construction: $ 41,477,729
MAXIMUM TAX RATE THAT CAN BE IMPOSED WITHOUT A TRUTH IN TAXATION HEARING: $ 0.8806
Growth in property tax levy capacity associated with new construction: $ 4,812 
MAXIMUM PRIMARY PROPERTY TAX LEVY WITHOUT A TRUTH IN TAXATION HEARING: $ 370,065
Proposed primary property tax levy: $ 380,067    
Proposed increase in primary property tax levy, exclusive of new construction: $ 9,872     
Proposed percentage increase in primary property tax levy: 2.70%
Proposed primary property tax rate: $ 0.9044  
Proposed increase in primary property tax rate: $ 0.0238   
Proposed primary property tax levy on a home valued at $100,000: $ 90.44   
Primary property tax levy on a home valued at $100,000 if the tax rate was not raised: $ 88.06
Proposed primary property tax levy increase on a home valued at $100,000: $ 2.38  



TRUTH IN TAXATION ANALYSIS
Rate of $0.8806 Maximum W/O TNT Hearing
Calculation for Truth in Taxation Hearing Notice pursuant to A.R.S. §42-17107

Actual current primary property tax levy: $ 365,248
Net assessed valuation: $ 42,024,189
Value of new construction: $ 546,460
Net assessed value minus new construction: $ 41,477,729
MAXIMUM TAX RATE THAT CAN BE IMPOSED WITHOUT A TRUTH IN TAXATION HEARING: $ 0.8806
Growth in property tax levy capacity associated with new construction: $ 4,812
MAXIMUM PRIMARY PROPERTY TAX LEVY WITHOUT A TRUTH IN TAXATION HEARING: $ 370,065
Proposed primary property tax levy: $ 370,065    
Proposed increase in primary property tax levy, exclusive of new construction: ----
Proposed percentage increase in primary property tax levy: 0.00%
Proposed primary property tax rate: $ 0.8806  
Proposed increase in primary property tax rate: $ 0.0000 
Proposed primary property tax levy on a home valued at $100,000: $ 88.06
Primary property tax levy on a home valued at $100,000 if the tax rate was not raised: $ 88.06
Proposed primary property tax levy increase on a home valued at $100,000: $ 0.00   

  

TRUTH IN TAXATION ANALYSIS
Rate of $0.9161 Maximum Tax Levy
Calculation for Truth in Taxation Hearing Notice pursuant to A.R.S. §42-17107

Actual current primary property tax levy: $ 365,248
Net assessed valuation: $ 42,024,189
Value of new construction: $ 546,460
Net assessed value minus new construction: $ 41,477,729
MAXIMUM TAX RATE THAT CAN BE IMPOSED WITHOUT A TRUTH IN TAXATION HEARING: $ 0.8806
Growth in property tax levy capacity associated with new construction: $ 4,812
MAXIMUM PRIMARY PROPERTY TAX LEVY WITHOUT A TRUTH IN TAXATION HEARING: $ 370,065
Proposed primary property tax levy: $ 384,984    
Proposed increase in primary property tax levy, exclusive of new construction: $ 14,725 
Proposed percentage increase in primary property tax levy: 4.03%
Proposed primary property tax rate: $ 0.9161  
Proposed increase in primary property tax rate: $ 0.0355   
Proposed primary property tax levy on a home valued at $100,000: $ 91.61 
Primary property tax levy on a home valued at $100,000 if the tax rate was not raised: $ 88.06
Proposed primary property tax levy increase on a home valued at $100,000: $ 3.55