Page 93

Bond Accountability Commission 2 Recommendations Page 90

CMSD utilizes additional important planning tools. Optimizing the 6.1 Bond retirement millage rate to support the $335,000,000 authorization requires assumptions regarding the pace of principal amortization and assessed value growth. Current and historic assessed values since 1997 are shown in the following chart, with the purple area representing real property, the gray area representing public utility and the yellow area representing personal property. Total assessed value has increased, on average, 0.75% annually since 1997. This, however, is distorted as tangible personal property taxation has been phased-out in accordance with State law during this time, and public utility assessed value has been cut in half. Despite recent declines, on average, real property has increased at a rate equivalent to an annual steady change of 2.66% during the same period.

While Total Assessed Value Only Increased on Average 0.63% Annually, Much of That is Due to the Phase-Out of Personal Property Taxation and the 50% Reduction in Public Utility. Real Property Increased on Average 2.66% Annually

Assessed Value $7,000,000,000

$6,000,000,000

Personal Property -1.83%

0.32%

$5,000,000,000

-3.75% 13.26% -0.74%

2.13%

Public Utility

0.71%

-1.71%

6.37%

$4,000,000,000 0.58%

1.77%

12.49%

6.59% $3,000,000,000

Annual Changes in Real Property $2,000,000,000

Real Property $1,000,000,000

$0

1996

1997

1998

Information for years 1996 - 1998 obtained from District's

1999

2000

2001

2002 2003 Tax Year (Beg. Jan. 1)

Comprehensive Annual Financial Report

2004

2005

2006

2007

2008

, information for other years provided by Cuyahoga County Auditor's Office.

2009

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BAC2 Recomendations Final 04062010  
BAC2 Recomendations Final 04062010  
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