The Village of Timberlane will hold a Tax Levy Hearing December 17, 2009 from 6:30 pm to 7:00 pm at the Village Hall, 2940 Charleston Court.

The total property tax levy for 2009 was $57,650. The proposed property tax levy for 2010 is $63,415. This represents a 10% increase over the previous year.

The property tax rate for 2009 was .2185%. The proposed property tax rate for 2010 is estimated to be .2292%. This represents a .00107% increase from the previous year.

The majority of the increase in total property taxes to be levied in 2010 is due to taxation of new construction added to the tax rolls in 2009. The Village of Timberlane property tax levied for an individual property in 2010 is estimated to be slightly more than what was levied in 2009, 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 $134.74 in 2009. Timberlane’s property taxes on the same home are expected to be $141.32 in 2010. This is an estimated increase of $6.58 on a $200,000 home.

Because the proposed 2010 tax levy is more than 105% of the 2009 levy, the Village is required to hold a Tax Levy Hearing. If you have any questions or comments on the proposed Tax Levy for 2010, please contact a member of the Timberlane Village Board or attend the Tax Levy Hearing on December 17, 2009 at the Timberlane Village Hall.