HomeMy WebLinkAboutFour Year Local Option Levy for Library Operation Funding
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.