NOTICE OF PROPOSED TAX INCREASE
In accordance with A.R.S. § 9-499.15, and pursuant to A.R.S § 42-17151, public notice is hereby given that the Gilbert Town Council will adopt its property tax levy for Fiscal Year 2019-20 at a public hearing and that the secondary property tax levy may be increased over the approved FY 2018-19 secondary tax level.
Annually, the secondary property tax levy and resulting tax rate must be approved by ordinance. The introduction and first public hearing of the FY 2019-20 property tax levy and resulting property tax rate will be held on Thursday, May 2, 2019 at 6:30 pm in the Town Council Chambers. The Town Council will further meet for the purpose of the second and final hearing of the property tax levy and resulting property tax rate on Thursday, June 6, 2019 at 6:30 pm in the Town Council Chambers (50 E. Civic Center Drive, Gilbert).
The required debt service payments for FY 2019-20 are estimated as follows:
|Debt Paid with Secondary Property Tax||FY 20 Debt Service|
|General Obligation Bonds, Series 2008 (Streets)||$480,000|
|General Obligation Bonds, Series 2017 (Streets)||$ 21,770,000|
|General Obligation Bonds, Series 2020 Anticipated (Public Safety)||$ 1,900,000|
The proposed levy for FY 2019-20 is $24.15m ($.9889 tax rate). This includes the anticipated debt service for the Public Safety Training Facility that was authorized by voters on the November 6, 2018 ballot. Series 2020 bonds are planned to be issued in May 2020 with first payment due July 2020 in order to reduce interest costs.
For comparison, below is a chart of historic property tax levies and rates for Gilbert.