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$145,323,624 <br /> 3,946,463 <br /> <br />$149,270,087 <br /> <br />$ 3,420~700 <br /> <br />$ 3,302,023 <br /> <br />$153,266,398 <br /> 3,279,998 <br /> <br />$156,546,396 <br /> <br />$ 4,502~753 <br /> <br />$ 3,107,399 <br /> <br />Real Estate/Personal Property <br />New Construction Growth <br /> <br />Total Property &Growth <br /> <br />Free Cash <br /> <br />Overlay Reserve <br /> <br />$160, 737,406 <br /> 3,000,000 <br /> <br />$163,737~406 <br /> <br />$ 720,000 <br /> <br />$ 2,800,000 <br /> <br />PROPERTY TAXES <br /> <br />proposition 2 lA was established by <br />voter referendum in 1980. It is <br />formally known as Chapter 580 of <br />the Massachusetts Acts of 1980. It <br />established limits upon the amount of <br />money that a city or town can raise from <br />property taxes, which amount is referred <br />to as the "tax levy." There are two ways <br />in which the tax levy is limited; one, by <br />means of the "Levy Limit," and two, by <br />means of the "Levy Ceiling." <br /> <br />The "Levy Limit" restricts the amount by <br />which the tax levy can increase from year <br />to year. Each year, the city may only <br />increase the tax levy by 2 ½% over the <br />previous year's levy limit, plus, it may <br />increase the levy by the amount of new <br />taxes generated by new construction in <br />the community ("New Construction <br />Growth"). <br /> <br />The "Levy Ceiling" is the upper limit of <br />the two separate means to restrict the <br />amount of the tax levy to be raised. The <br />valuation for all taxable real and personal <br />property is determined annually by the <br />City Assessor. Once determined, it must <br />be reviewed and certified by the <br />Massachusetts Commissioner of <br />Revenue before tax bills are issued. <br />Proposition 2 lA provides that a <br />community's tax levy cannot exceed <br />2.5% of the total taxable assessed value <br />of the community. The "Levy Ceiling" is <br />the absolute limit to how much tax levy a <br />community may raise. <br /> <br />Any community may choose to <br />"override" the levy limits set by the <br />above limitations. This is accomplished <br />by scheduling an override vote to <br />approve or reject the proposed override, <br />but in no event may the increase exceed <br />the "Levy Ceiling". <br /> <br />CITY OF WORCESTER FISCAL 2005 ANNUAL BUDGET <br /> <br />Page 1 <br /> <br /> <br />