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Consideration of partial rescission of certain 2023 Personal Property Taxes
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Submitted by:
Sarah Tyrrell
Department:
Assessor
A. Issue
Shall the Common Council approve the partial rescission of 2023 property taxes of certain personal property accounts?
B. Background/Options
After the tax roll was delivered to the Treasurer, errors where discovered on several personal property tax bills. These errors have resulted in incorrect values calculated on the affected personal property tax bills. The circumstances surrounding the rescission of taxes are summarized on the attached document.
The amount of tax subject to rescission and repayment to the affected accounts is $79,497.51. Rescinded taxes are eligible for chargeback to the other taxing jurisdictions, thus providing revenue to offset approximately 70% of this amount.
C. Fiscal Impact
The amount involved requires an expenditure of $79,497.51, but approximately 70% of that amount is expected to be reimbursed to the City from other taxing jurisdictions via the chargeback process.
D. Recommendation
Staff requests that the Financial Affairs Committee recommend to the Common Council that the partial rescission of 2023 property taxes, in the total amount of $79,497.51, be approved, and that a Level 3 fund transfer be approved in order to accomplish the repayment and recognize chargeback revenue.