Lake County Joint Financing District Levy
As Primary Election Day approaches on March 17th, we wanted to make you aware of an issue on the ballot that has an effect on our District, the Joint Financing District levy renewal. The financing district is made up of Madison, Painesville City, Perry, and Riverside and currently costs residential taxpayers $69.74/year per $100,000 of valuation. This levy has been renewed every 5 years since 1990 and does NOT increase taxes.
Last year Perry collected $843,158, and because of a change in how money is distributed where each district now retains 100% of the revenue generated by its taxpayers, Perry would receive an increase and collect a total of approximately $1.1 million annually for the next 5 years.
As the levy was passed before 2013, it qualifies for a 10% non-business credit and a 2.5% owner occupied credit. To pass a new levy or replacement at the same millage rate in 2020, a homeowner would be required to pay 12.5% more to generate the same revenue.
We hope this information provides you with some clarity as you vote on March 17th. If you have any questions regarding this issue, please feel free to contact Chief Financial Officer, Lew Galante at 440-259-9200 EXT. 9221 or Superintendent, Dr. Jack Thompson at 440-259-9200 EXT. 9299.