Page 41 - FY 2021--22 Revenue Outlook

REVENUE MONTHLY STATUS REPORT
Property Tax - Redemptions
(Thousand Dollars)

2017-18 2018-19 2019-20 2020-21 2021-22
MONTHLY ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ - - - - - - - -
AUGUST 2,892 1,683 1,371 1,371 1,332 (39) 1,332 1,330
SEPTEMBER - - - - - - - -
OCTOBER - - - - - - - -
NOVEMBER 10,582 10,676 13,182 13,182 19,704 6,522 19,704 19,700
DECEMBER - - - - - - - -
JANUARY - - - - - - - -
FEBRUARY 4,644 4,146 4,375 4,375 5,187 812 5,187 5,190
MARCH - - - - - - - -
APRIL - - - - - -
MAY 2,587 3,116 2,448 3,000 4,700 4,700
JUNE - - - - - -
TOTAL $ 20,704 $ 19,622 $ 21,375 $ 21,928 $ 30,922 $ 30,920
% Change 7.6% -5.2% 8.9% 2.6% 44.7% 0.0%
2017-18 2018-19 2019-20 2020-21 2021-22
CUMULATIVE ACTUAL ACTUAL ACTUAL BUDGET ACTUAL VARIANCE REVISED PROPOSED
JULY $ - - - - - - - -
AUGUST 2,892 1,683 1,371 1,371 1,332 (39) 1,332 1,330
SEPTEMBER 2,892 1,683 1,371 1,371 1,332 (39) 1,332 1,330
OCTOBER 2,892 1,683 1,371 1,371 1,332 (39) 1,332 1,330
NOVEMBER 13,474 12,360 14,553 14,553 21,036 6,483 21,036 21,030
DECEMBER 13,474 12,360 14,553 14,553 21,036 6,483 21,036 21,030
JANUARY 13,474 12,360 14,553 14,553 21,036 6,483 21,036 21,030
FEBRUARY 18,117 16,506 18,927 18,928 26,222 7,294 26,222 26,220
MARCH 18,117 16,506 18,927 18,928 26,222 7,294 26,222 26,220
APRIL 18,117 16,506 18,927 18,928 26,222 26,220
MAY 20,704 19,622 21,375 21,928 30,922 30,920
JUNE 20,704 19,622 21,375 21,928 30,922 30,920

Unpaid property taxes, both secured and unsecured, are known as delinquencies. Delinquent taxes accumulate
interest and penalties. Properties with taxes unpaid for five years are sold through auction by the State to recover
unpaid taxes. The taxpayer may settle the delinquency by redemption. The City's share of principal, penalties and
interest is distributed by the County. Prior to the pandemic, redemptions had been decreasing with improving
property values after the Great Recession. Receipts for 2020-21 have increased, likely attributed to the recovery
of late tax payments made during the pandemic. The estimate for 2021-22 assumes similar receipts for the
recovery of current year delinquent taxes.

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