Four Year Local Option Levy for Library Operation Funding

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Four Year Local Option Levy For Library Operation Funding CAPTION: QUESTION: SUMMARY: O0l42820.DOC FOUR-YEAR LOCAL OPTION PROPERTY TAX LEVY FOR LIBRARY OPERATIONS Shall City of Eugene impose $2,687,500 each year for four years to fund library operations beginning in fiscal year 2008? This measure may cause property taxes to increase more than three percent. In May 2002, the voters of the City of Eugene approved a four- year local option property tax levy in the amount of $4,900,000 per year. The monies have funded library operations, including branch libraries, purchasing library materials, extending library hours, and adding additional library staff. The levy is set to expire on June 30,2007. Beginning July 1,2007, this new local option levy would renew a portion of the funding for the services now covered by the expiring levy. Ifpassed, the proposed levy of$2,687,500 per year would total $10,750,000 over four years. It is estimated that the levy will average about $0.23 per $1000 of assessed value per year over the four-year period of the levy. The estimated tax cost for this measure is an ESTIl\.1A TE ONLY based on the best information available from the county assessor at the time of the estimate.