The herald., 1896-07-23
Will Be A BIT LOWER
Municipal Tax Rate for the
New Year
HIGHLAND PARKS ASSESSMENT
The Property There Figures Up
to Over $l2l,000
MONEY FOR BONDED DEBT
The New Rate Upon Each 500 Of valu-
The Tax Levy Will Probably Be sl.33 90 the
Hundred
Six Hundred and Ninety Thousand Dollars to
Be Raised In Round Figures Unless the
Refunding Bonds Are Sold When
Less VIII Be Needed

Since the completion of the footing of
the assessment rolls of the year 1S96-97
considerable figuring has been going on
in the city hall to determine the proba-
BILE rate of assessment for the current
fiscal year.
The figures as prepared by the city
clerk show the tbtal assessed value for
the year to be So, 2,279,042. They further
show that the assessed value of the
property in the annexed territory north
OF the city, or what is known as the
ghland Park territory amounts to
LAO The annexed portion south of
tie city became a portion of the city of
Los Angeles after the first Monday in
March, and hence is not assessed for
city purposes for the current year.
Under the law by which the territory
recently annexed became portion of
the city this territory can never be as
sesed for the payment of principal or
interest upon the bonded indebtedness
incurred previous to the annexation.
Hence, in preparing figures for assess
ment, the computation for bonds is
based upon a total assessed value of
$50, 157 ,902, while the assessment for gen.
eral purposes will be levied upon the
total assessed value. or $52279, ,042.
The total amount of money necessary
for the payment of principal upon the
bonded indebtedness is 1850. The to-
tai amount necessary for the payment
of interest upon the bonded indebted
ness is $73,250, making a total amount
necessary for principal and interest of
$l66,92O, which amount would be pro-
duced by levy of 81 cents on each $l00
of assessed value. The probabilities,
however, are that for the purpose of
facility in computing the assessment
rolls, the council will make the figures
either 80 cents or 33 1-3 cents on each
$l00 of assessed valuation, the former of
which would produce slightly less than
the amount required, the latter slightly
more.
A section of the charter prohibits the
city from using more than one dollar on
each one hundred dollars assessed valu-
alton for general municipal purposes,
but in view of the fact that this amount
was used last year and that stringent
measures were. taken during that time
to reduce expenses so as not to exceed
the amount of funds, the probabilities
are that this amount will be levied for
general purposes and this would make
total levy of from $1.30 to $133 1-3 on each
one hundred dollars of assessed value or
about $690,000 in round numbers for
taxes. These figures are based upon the
assumption that the funding bonds
which the city has contemplated issuing
will not be sold during the fiscal year.
Should these bonds be sold previous to
the making of this levy the rate of taxa
tion would be somewhat reduced, not
solely on account of the reduced rate of.
interest on the funding bonds, but on ac-
count of the decreased amount of prin-
cipal necessary to raise to pay off the
bonds.
In the former estimate on these bonds
which 1t Is now proposed to fund suffi-
cient amount has been provided to make
full and complete payment at the time
they become due; whereas under the es-
innate based upon the assumption that
the funding bonds will be sold, but one
fortieth is included in the amount
Upon the assumption that the funding
bonds are sold there will be needed S70,-
050 for the payment of principal and $685.
$50 for the payment of interest, or to-
tai of $13s,700. This based upon an as
sessed valuation of $52,157, ,902 will re-
quire levy of 81 cents on each hun
dred dollars of assessed value. For the
purpose of convenience in computation,
however, it is probable that under such
circumstances levy of 25 cents per hun
dred dollars will be made, the slight
difference caused being provided from
other sources and upon this. basis with
dollar rate for general purposes the
lars of assessed valuation or total as
sessment of 1858, 1857.
While, of course, nothing accurately
can be determined upon at this time.
owing to the fact that changes which
Will increase or decrease the assessed
value may be made by the board of
equalization, it yet appears patent that
a reduction in the rate of assessment
Will undoubtedly be made for the cur
rent year.
The collections heretofore made by the
assessor on account of taxes on personal
was $2,661. III, was made upon a basis of
Sl.45 on each hundred dollars of as
ssessed value. the rate for the year 1896
96 and should lower rate be adopted
by the council, all who have paid taxes
upon their personal property will be en-
titled to rebate Of the difference be-
tween the rate fixed last year and the
rate to be made by the council for the
current fiscal year.
WHY MONEY is NEEDED.
Auditor Teall has not yet completed
all OF the estimates of municipal de-
partment expenditures for the next fis-
cal year. The figures for the health de-
partment, parks, police department
city schools, public library, treasurer.
superintendent of buildings. water
overseer. auditor. assessor, city attor-
ney, mayors office, tax collector and
engineer are ready The justice court
expenditures, maintenance for the city
hall. electric lighting, city clerks office.
council fire department and street su.
perintendent's office are not yet ready.
The funds for bond purposes have not
yet been figured out. The total amount
raised last year by taxation was s994.-
57S.60. This year the figures will be
much larger.
Last year the auditors estimate for
the health department was $61, ,OSO; this
year it is $56,S54. Hollenbeck park last
year was to have had $4,000. This year
the auditors figures are $1,000, and other
comparisons are as follows:
1S96-Auditor, $3.50: assessor, $95S0;
clerk. $S452 council, $11,225; tax collec-
tor, $11,23O treasurer, s4700; engineer,
S1100; mayors office, $525O; attorney,
$6260; superintendent of buildings
s443o; general parks, $500; Westlake