CALCULATING THE POTENTIAL TAX IMPACT
This feature will enable you to estimate the potential impact of the property tax millage question which will be on the ballot Tuesday, November 8, 2011. The ballot question is titled “MILLAGE RESTORATION PROPOSAL”, and would authorize but not require the City Council to levy an additional 4 mills for the next 5 years, starting with the July , 2012 tax bills. 1.5 mills would be dedicated to police protection, 1.5 mills would be dedicated to fire protection, and 1 mill would be dedicated to local road maintenance and other essential services.
The following calculations are estimates only based solely on overall current homestead and non-homestead millage rates for typical residential, commercial and industrial properties within the City of Lansing and the Lansing School District. They do not include the City’s recycling fee, nuisance billings, or the 1% administration fee. The rates include millages levied by other governmental entities such as counties and special authorities in addition to the City’s levy. Rates will be slightly different for properties located in other school districts and/or Eaton County.
The current homestead millage rate for residents of Ingham County in the Lansing School District is $47.80 for every $1000 of taxable value. The current non-homestead millage rate is $65.72 for every $1000 of taxable value. This total includes the City current operating levy of $15.44 for every $1000 of taxable value.
2012 taxable values, which will be the basis for the actual tax levy in July, 2012 will not be established before the end of this year.
It appears that in total 2012 taxable values will be 9% less than taxable values for 2011. Value changes will differ from property to property, but it appears at this time that in total industrial properties in total will decrease by 13%; residential properties will decrease by 10%; and commercial properties will decrease by 5%. However, taxable values which are less than assessed values are subject to an inflation adjustment, which is currently projected to be as much as 3%.
The calculator will provide a range of potential taxable value changes and their associated tax impacts, based on the overall preliminary projections provided by the City Assessor’s Office.
Because each property is valued separately, however, these calculations will provide no more than an estimate and cannot be assumed to be the actual results for the property’s taxable value for 2012.
