Resolution PVCFD#3 RES 2023-073 sets the FY2024 property tax levy for the district.

ADOPT RESOLUTION PVCFD#3 RES 2023-073 LEVYING UPON THE ASSESSED VALUATION OF THE PROPERTY WITHIN THE DISTRICT SUBJECT TO AD VALOREM TAXATION A CERTAIN SUM UPON EACH $100.00 OF ASSESSED VALUATION SUFFICIENT TO RAISE THE AMOUNTS ESTIMATED TO BE REQUIRED IN THE ANNUAL BUDGET; ALL FOR THE FISCAL YEAR ENDING THE 30TH DAY OF JUNE, 2024. (Ryan Bittle, District Finance Manager)

The combined property tax is collected and used for operations and maintenance in Fiscal Year 2024 and general obligation bond debt service payments in Calendar Year 2024.  For Fiscal Year 2024, the combined property tax levy will be $680,900. The approximate combined property tax rate projected using the preliminary net limited assessed valuation information from February 2023 is $0.3586 per $100 of net limited assessed valuation, which is below the target rate of $2.00 per $100 of net limited assessed valuation.  However, the actual rate may vary from this estimate based upon the final net limited assessed valuation of the District which will be certified in August 2023.

Of the combined property tax rate, (i) $0.2586 per $100 of net limited assessed valuation is used to pay the general obligation bond debt service payments and (ii) $0.10 per $100 of net limited assessed valuation is used for operations and maintenance for the District.

The adoption of the Property Tax Levy is the final of three actions taken by the District Board that set the District’s FY2024 budget and property tax levy. The first action, adoption of the tentative budget, was taken by the District Board on May 22, 2023. It was approved by resolution PVCFD#3 RES 2023-071. The second action, the adoption of the Final Budget, was taken by the District Board on June 12, 2023. It was approved by resolution PVCFD#3 RES 2023-072.

The FY2024 property tax levy is unchanged from the levy included in the Final Budget adopted on June 12, 2023.