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PROPERTY TAX <br /> <br />Proposition 2 1/2 provided communities <br />with some flexibility to increase the <br />amount of property taxes levied. Any <br />city below its "Primary Limit" may, by <br />majority vote of a special or state <br />election, increase for any given fiscal <br />year its allowable annual increase, but in <br />no event may this increase exceed the <br />Primary Limit. This initiative was acted <br />upon in a special election on June 25, <br />1991 where as voters approved a $4.58 <br />million override to benefit the city's <br />public school systems. <br /> <br />REAL ESTATE <br />properties subject to taxation are: <br /> Residential, Commercial, <br />Industrial and Personal. Ninety- <br />three percent of the total levy <br />raised in fiscal 2004 came from <br />Residential, Commercial and Industrial <br /> <br />properties. The remaining seven- percent <br />came from taxes raised by Personal <br />Property. <br /> <br />FREE CASH <br />Free cash is certified by the <br />Department of Revenue by the <br />Bureau of accounts based upon the <br />submission of a community's June <br />30 balance sheet. In addition to the June <br />30 balance sheet, supplemental <br />information may be required. Based on <br />the information submitted, a community <br />will receive notification of the amount <br />certified, and subsequently, the amount <br />available for appropriation. Any Free <br />Cash generated will be used to first <br />address a snow removal deficit of <br />$852,163. <br /> <br />N'ew construction growth derives <br />from any improvements on, or <br />new construction to, real and <br />personal properties. New <br />construction growth tends to fluctuate <br />with the state of the economy. However, <br />in a decision based on a desire to <br /> <br />maintain or reduce the single tax rate, it <br />has been decided to limit future increases <br />in the tax levy to no more than the <br />projected increase in the taxable assessed <br />valuation of the city. This practice will <br />allow for continuing decreases in the <br />City's overall single tax rate. <br /> <br /> F¥2000 FY2001 FY2002 FY2003 FY2004 F¥2005' <br />NEW $ 2,450,121 $ 3,628,038 $3,605,217 $3,946,463 $3,279,998 $3,000,000 <br />CONSTRUCTION <br />GROIrgTH <br /> <br /> NEWGROWTH $81,767,700 $118,564,730 $130,279,400 $163,135,100 $142,707,500 $145,000,000 <br /> V~'ILUE <br /> <br /> CITY OF WORCESTER FISCAL 2005 ANNUAL BUDGET <br /> <br />Page 2 <br /> <br /> <br />