| Annual Report on Status of Tax Increment Financing Plan | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Send completed form to: Treas-StateSharePropTaxes@michigan.gov | Village of Homer | TIF Plan Name | For Fiscal Years ending in | ||||||
| Issued pursuant to 2018 PA 57, MCL 125.4911 Filing is required within 180 days of end of authority's fiscal year ending in 2022. MCL 125.4911(2) | Downtown Development Authority | 2022 | |||||||
| Year AUTHORITY (not TIF plan) was created: | 2010 | ||||||||
| Year TIF plan was created or last amended to extend its duration: | |||||||||
| Current TIF plan scheduled expiration date: | Open-ended | ||||||||
| Did TIF plan expire in FY22? | no | ||||||||
| Year of first tax increment revenue capture: | 2010 | ||||||||
| Does the authority capture taxes from local or intermediate school districts, or capture the state education tax? Yes or no? | no | ||||||||
| If yes, authorization for capturing school tax: | |||||||||
| Year school tax capture is scheduled to expire: | |||||||||
| Revenue: | Tax Increment Revenue | $ 17,601 | |||||||
| Property taxes - from DDA millage only | $ - | ||||||||
| Interest | $ 44 | ||||||||
| State reimbursement for PPT loss (Forms 5176 and 4650) | $ - | ||||||||
| Other income (grants, fees, donations, etc.) | $ 3,895 | ||||||||
| Total | $ 21,540 | ||||||||
| Tax Increment Revenues Received | Revenue Captured | Millage Rate Captured | |||||||
| From counties | $ - | ||||||||
| From cities | $ 17,601 | 15.9066 | |||||||
| From townships | $ - | ||||||||
| From villages | $ - | ||||||||
| From libraries (if levied separately) | $ - | ||||||||
| From community colleges | $ - | ||||||||
| From regional authorities (type name in next cell) | $ - | ||||||||
| From regional authorities (type name in next cell) | $ - | ||||||||
| From regional authorities (type name in next cell) | $ - | ||||||||
| From local school districts-operating | $ - | ||||||||
| From local school districts-debt | $ - | ||||||||
| From intermediate school districts | $ - | ||||||||
| From State Education Tax (SET) | $ - | ||||||||
| From state share of IFT and other specific taxes (school taxes) | $ - | ||||||||
| Total | $ 17,601 | ||||||||
| Expenditures | Professional Fees | $ 2,909 | |||||||
| Capital Outlay | $ 5,215 | ||||||||
| $ - | |||||||||
| $ - | |||||||||
| $ - | |||||||||
| $ - | |||||||||
| $ - | |||||||||
| $ - | |||||||||
| $ - | |||||||||
| $ - | |||||||||
| $ - | |||||||||
| Transfers to other municipal fund (list fund name) | $ - | ||||||||
| Transfers to other municipal fund (list fund name) | $ - | ||||||||
| Transfers to General Fund | $ - | ||||||||
| Total | $ 8,124 | ||||||||
| Total outstanding non-bonded Indebtedness | Principal | $ - | |||||||
| Interest | $ - | ||||||||
| Total outstanding bonded Indebtedness | Principal | $ - | |||||||
| Interest | $ - | ||||||||
| Total | $ - | ||||||||
| Bond Reserve Fund Balance | $ - | ||||||||
| Unencumbered Fund Balance | $ - | ||||||||
| Encumbered Fund Balance | $ - | ||||||||
| CAPTURED VALUES | Overall Tax rates captured by TIF plan | ||||||||
| PROPERTY CATEGORY | Current Taxable Value | Initial (base year) Assessed Value | Captured Value | TIF Revenue | |||||
| Ad valorem PRE Real | $ 1,418,430 | $ 881,019 | $ 537,411 | 15.9066000 | $8,548.38 | ||||
| Ad valorem non-PRE Real | $ 3,257,990 | $ 2,701,815 | $ 556,175 | 15.9066000 | $8,846.85 | ||||
| Ad valorem industrial personal | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Ad valorem commercial personal | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Ad valorem utility personal | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Ad valorem other personal | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| IFT New Facility real property, 0% SET exemption | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| IFT New Facility real property, 50% SET exemption | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| IFT New Facility real property, 100% SET exemption | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| IFT New Facility personal property on industrial class land | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| IFT New Facility personal property on commercial class land | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| IFT New Facility personal property, all other | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Commercial Facility Tax New Facility | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| IFT Replacement Facility (frozen values) | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Commercial Facility Tax Restored Facility (frozen values) | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Commercial Rehabilitation Act | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Neighborhood Enterprise Zone Act | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Obsolete Property Rehabilitation Act | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Eligible Tax Reverted Property (Land Bank Sale) | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Exempt (from all property tax) Real Property | $ - | $ - | $ - | 0.0000000 | $0.00 | ||||
| Total Captured Value | $ 3,582,834 | $ 1,093,586 | Total TIF Revenue | $17,395.24 |
