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<br />ATTACHMENT B <br /> <br />Four Year Local Option Levy For Library Operation Funding <br /> <br />CAPTION: <br /> <br />QUESTION: <br /> <br />SUMMARY: <br /> <br />OO142820.DOC <br /> <br />FOUR-YEAR LOCAL OPTION PROPERTY TAX LEVY FOR <br />LIBRARY OPERATIONS <br /> <br />Shall City of Eugene impose $2,687,500 each year for four years <br />to fund library operations beginning in fiscal year 2008? This <br />measure may cause property taxes to increase more than three <br />percent. <br /> <br />In May 2002, the voters of the City of Eugene approved a four- <br />year local option property tax levy in the amount of $4,900,000 per <br />year. The monies have funded library operations, including branch <br />libraries, purchasing library materials, extending library hours, and <br />adding additional library staff. The levy is set to expire on June <br />30,2007. Beginning July 1,2007, this new local option levy <br />would renew a portion of the funding for the services now covered <br />by the expiring levy. Ifpassed, the proposed levy of$2,687,500 <br />per year would total $10,750,000 over four years. It is estimated <br />that the levy will average about $0.23 per $1000 of assessed value <br />per year over the four-year period of the levy. The estimated tax <br />cost for this measure is an ESTIMATE ONLY based on the best <br />information available from the county assessor at the time of the <br />estimate. <br />