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December 24, 2012 | 12:38 PM'Tis the season.
Property tax bills are in the mail.
The city treasurer sent out the bills the week of Dec. 10. First installments and personal property tax are due January 31, 2013. On Nov. 19, the Lake Geneva City Council approved a levy of $6,157,389 for city purposes.
However, the property tax rate for the city did increase from $5.51 to $5.90. The 7-percent rate increase is because the city's property tax base declined by nearly that much from $1.19 billion to $1.12 billion (about 6.35 percent). However, valuations of individual properties do not automatically follow the general decline in the overall tax base. A home valued at $200,000 paid $1,102 in city taxes on the 2012 tax rate of $5.51. That same home, if still valued at $200,000, will pay $1,180 for city services.
According to figures from Walworth County, the total tax bill for city property owners will be about $24 per $1,000 of assessed valuation.
The city's portion of the total property tax bill accounts for about 24 percent of that. Of the city's levy, $4,609,000 is budgeted to pay for general fund expenditures.
The library will receive $418,000.
Another $1,040,389 will go to pay off city debt and $90,000 will go to the capital improvements fund.
However, the tax levy is not all of the city's income. In general government alone, the city will spend $8,028,470, of which the levy covers about 57 percent of that, with the remainder coming from other taxes, fines, fees, state and federal aids, grants, service charges, and the tax increment finance district.