Vote: approved

Item Text

L-1. SETTING TAX RATE - MARICOPA COUNTY LIBRARY DISTRICT FISCAL YEAR 2008-09 Pursuant to A.R.S. § 48-3903, the Maricopa County Library District Board of Directors resolve that based on the budget it has adopted for Maricopa County Library District, it fixes and determines the Tax Year 2008 tax rate for Maricopa County Library District as follows: FY 2008-09 Library District Secondary Tax Rate at $0.0353/$100 of assessed valuation with a levy of $20,581,183. On December 3, 2007, the Board of Directors approved the Budgeting for Results Guidelines and Priorities for FY 2008-09 that departments/agencies used to prepare their budgets . The Library District collects property taxes based on the secondary net assessed values of real property. Unlike the primary property tax rate, there is no constitutional limitation on growth for the secondary property tax rate. However, the Maricopa County Library District Board of Directors has chosen to impose growth limitations similar to those imposed on the primary rate in order to minimize the burden on the taxpayers of Maricopa County . As a result, beginning in FY 2006-07 the secondary rate associated with the Maricopa County Library District was capped at 2% annual growth on property taxed in the prior year. The Maricopa County Library District Secondary Tax Rate in FY 2007-08 was at $0.0391/$100 of assessed valuation, and in FY 2008-09 is being determined and fixed at $0.0353/$100 of assessed valuation, a reduction of $0.0038/$100 of assessed valuation, as a result of continuing the cap. On June 19, 2008, the Board adopted the final budget. The Maricopa County 2008 Tax Levy Packet is on file in the Clerk of the Board’s office. (C-49-09-009-2-00)