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Taxpayer Rally
2008
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Agenda<= /span>
•<= /span>Overview of  2008 Reval
•<= /span>Overview of  2008 Budget
•<= /span>Legacy Cost
•        = ;            &n= bsp;  Healthcare
•        = ;            &n= bsp;  Pension – Police & Fire
•<= /span>Capital Expenditures   
•<= /span>Ocean City School Budget
•<= /span>Public question & comments <= /div>
•        = ;           
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Ocean City Revaluation
 =
•2008 Ratable Base 12.75 Billion   
• 2007 Ratable Base 8.5 Billion = ;
• Change in value 4.5 Billion
• % of change 54.55%
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Ocean City Revaluation
 =
•Revaluation reflects O= cean City’s ratable value as of October 1, 2007.   
• 40% of the Ocean City’s Prop= erties went up in value.
• 20% of the Ocean City’s Prop= erties will stay same.
• 40% of the Ocean City’s Prop= erties went down in value.
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Ocean City Revaluation
 =
•<= /span>If your property  went up 54.55%= or less you will your taxes will remain the same or less. 
•<= /span>Taxes based on the equalization rate of .065 versus the 1.00 2007 rate.
•<= /span>The city, county and school request the exact same tax levy awaits= as in 2007.
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Ocean City Revaluation
 =
•=  Ocean City real estate valu= es are currently depreciating .
•<= /span> If Ocean City had booked the Reval= on 10/1/2006 the equalization would have been 14 Billion dollars
•<= /span> Ocean City lost 1.25 Billion in va= lue in the past year down 9%.
•<= /span>Ocean City properties are depreciating ¾% a month versus appreciating 2% a month during the recent housing boom <= /div>
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Ocean City Revaluation
 =
•<= /span>The 12.75 billion represents a mean housing value of 660 thousand dollars
•117 housing units were sold sales during the fourth quarter, of 2007= , at average sale price of $641,000.
•<= /span>126 housing units were sold sales during the two months , of 200= 8, at average sale price of $627,000.
•<= /span>There are approximately 1800 houses for sale in Ocean City. That represen= ts a sales inventory of over 2 years.
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Ocean City Revaluation
 =
• Reval appeals must be filed by May 1,2008
•Form from County reval
•Reference website for sales comps
•<= /span>
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4% PROPERTY TAX LEVY
IS NOT REALLY 4% U= NTIL 2010
•The following is the maximum percent of increase allowed with exclusions and waivers.
• Year Percent 2008 10.2%
• = 2009   5.9%
• = 2010   4.2%
2008
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10
=
2007 & 2008 Budget Summary
+10.53 %
4,027,175
+5.25 %
2,998,025
Rev. 2008
3/13/08
+12.25%
4,683,697
+7.02 %
4,007,411
Intro. 2008
1/17/08
+7.94%
3,115,776
+6.62 %
2,812,948
Actual
2007
% Change
Taxation
% change
Spending
Date
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11
2008 BU= DGET SUMMARY
15%
$533,122
$3,554,145
$4,087,267
LIBRARY=
55.72%
$1,045,316
$1,876,009
$2,921,326
PENSION=
21.86%
$1,130,000
$5,006,200
$6,019,200
HEALTH INSURANCE
23.45%
$285,000
$1,215,000
$1,500,000
FICA Rev. 3/13/08
-2.1%
-$53,767
$25,369,750
<= span style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro= man"; mso-bidi-font-family:Arial;font-size:71%'>$25,315,983
S&W Rev. 3/13/08
35.8%
$435,000
$1,215,000
$1,650,000
FICA In= tro 1/17/08
2.44%
$618,950
$25,369,750
$25,988,700
S&W= Intro 1/17/08
% DIFF
$ DIFF
2007
2008
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