The total property tax levy for 2007 was $50,444. The proposed property tax levy for 2008 is $52,966. This represents a 5.0% increase over the previous year.

The property tax rate for 2007 was .2254%. The proposed property tax rate for 2008 is estimated to be .2249%. This represents a .0005% decrease over the previous year.

The majority of the increase in total property taxes to be levied in 2008 is due to taxation of new construction added to the tax rolls in 2007. Even though the total property tax levy will increase by 5.0% the tax rate is expected to decrease by .0005%. The Village of Timberlane property tax levied for an individual property in 2008 is estimated to be slightly less than it was in 2007, assuming the home’s Equalized Assessed Valuation (EAV) does not change. The Boone County Assessor, not the Village of Timberlane, is responsible for determining a home’s EAV.

As an example, the Timberlane property tax on a home with a fair market value of $200,000 and a homeowner occupied exemption was $139.00 in 2007. Timberlane’s property taxes on the same home are expected to be $138.69 in 2008. This is an estimated decrease of $0.31 on a $200,000 home.

Because the proposed 2008 tax levy is not more than 105% of the 2007 levy, the Village is not required to hold a Tax Levy Hearing. If you have any questions or comments on the proposed Tax Levy for 2008, please contact a member of the Timberlane Village Board or attend the December 20, 2007 Village Board meeting.