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MINUTES OF THE ORONO 1991 BUDGET HEARING - DECEMBER 4, 1991 <br />Weed reiterated that the annual service on the bonds Is $232,000. <br />Moorse explainea that is the amount that the Council has <br />indicated that will be levied on an annual basis, which is a 1.75 <br />levy for the debt servic-. <br />. Callahan noted the interest rate on the bonds was 6.175% average. <br />Moorse explained that the total gross tax levy is increasing <br />14.5%. He noted with the aids they will receive, the net tax <br />levy increase will be 10.3%. <br />Weed asked what HACA stands for. <br />Moorse stated it reflects homestead and agricultural credits from <br />the State. <br />Moorse stated they are receiving less in fiscal disparity than <br />before. He reviewed the handout reflecting the effect of the <br />tax levy on homes. He explained that the estimated market value <br />is the value the assessor assigns, the tax capacity is the <br />taxable value on that property, and the tax capacity rate is the <br />percentage that is applied to the taxable value to determine the <br />actual tax for a parcel. He stated the tax law changed in 1991, <br />reducing the taxable value of higher valued homes and shifting <br />a portion of the property tax burden to lower valued homes. <br />Flke asked what governmental body determined the tax capacity for <br />1992. <br />Moorse stated that State law determines that amount. <br />Weed noted this is only Orono's portion of the tax capacity rate. <br />Moorse compared Ore with other metropolitan cities with over <br />2,000 in population He noted there are 95 cities in this <br />category and Orono ranks fifth in lowest tax capacity rate at <br />11.865%. The average rate is 21.248%. <br />PUBLIC COMMENTS <br />Mayor Peterson asked If there were any other questions from the <br />publ1c. <br />Vicki McKinney, 3399 Crystal Bay Road, asked what the procedure <br />Is If they do not agree with their assessed value. <br />Callahan stated that each spring the Board of Review is held to <br />review complaints or comments by residents on their assessed <br />value. He noted Council Is limited by law as to what they can <br />change. <br />Jabbour noted It would be best to contact the assessor now and do <br />homework on neighboring property values. <br />_ _ __ _A..