Board Of Aldermen - Minutes - 11/15/2021 - P12
Special Board of Aldermen 11-15-2021 Page 12
Alderwoman Lu
So just to clarify, | had asked whether you found many errors with the measure and the list and Miss Perry said well |
don't know what you would call a lot but | don't think there are a lot. | was just for the purpose of getting a useful answer,
| was just trying to say maybe you can tell me what percent of inspections that would be considered a high number to
find an error in. But it sounds as though are you hesitant to just close that loop for me?
June Perry
| don't have that answer for you.
Alderwoman Lu
All right. That's fine. Allright. Will we be able to let people with escrow accounts to give them any information to, you
know, in advance so that they will be able to prepare for what may be happening in 2022? This may be to the Mayor or
to Mr. Vincent.
Kim Kleiner, Administrative Services Director
So perhaps either June or Mike could go over the final document that laid out the rest of the process. | don't think that
we have shown that yet. Would that be acceptable? Kind of walk through when those dates are coming up? | think that
is to Alderman Lu’s question as to when, you Know, values will be released and things of that sort. June or Mike would
you be willing?
Richard Vincent, Chief Assessor
The project timeline?
Mike Tarello, Vice President
Yeah, | got it. Let me just pull it up. Yeah so just to kind of take it over. At the beginning of the year, we'll kind of do our
preliminary analysis in December, January, and then peer review with those preliminary generate with June, and then
the assessor's review in June and July, and then we'll give them like a preliminary manual and update of the documents
that we've done. In July, we'll send out the notices. They'll be mailed out early, mid-July and then we'll do appointments
in late July and in August for the hearings. Then the second notice of the chain would go in August and completion is
due September 1‘. So | would say that for the assessors to do their numbers and get everything ready for the State,
they would be doing that obviously in late August. Right what | just said, it's right up there on the screen.
Alderman Klee
Thank you, Madam President. | just want to make it clear and | know it was touched on earlier that the percentage of
increase of assessment is not directly related to the percentage of increase in taxes. That needs to be understood.
Truthfully if every single property went up 100%, we would not see $1 increase in taxes. That's not how it happens as
we could see here - different percentages go up. The same bills have to be paid by the same and | know when I've gone
back and looked at the history of the tax rate, | saw at one point it was up to the tax rate was like | think was like 50
something percent in the late 60s and then in 1970, it dropped down to like 80% because values jumped so high. So the
percentage of taxes is not necessarily the rate of the increase of assessment and the State will determine what that rate
is based on our overall city valuation. Am | correct Ms. Kleiner in that and, I'm sorry.
Kim Kleiner, Administrative Services Director
Yes, you are correct. We will get calls tomorrow that, you know, people are afraid that their taxes are going up 40%.
That is not a case and that's not the conversation. The conversation we're talking about is in assessments and there's a
large difference between assessments and the tax rate.
Richard Vincent, Chief Assessor
Again, you're right. If the overall increase is 40%, doesn't mean people's taxes are going up 40%. Generally, what
happens is some tax, some property owner’s taxes will go down and some will go up. Some will stay about the same.
The tax rate is quite simply a matter of division. You take the total revenue that has to be raised and divide that by the
total assessed value or — | forget which one - one gets divided into the other total value for the city and the total amount
