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Finance Department Hours of Operation: 8:00 AM - 4:30 PM, Monday - Friday Finance Director: Mary Kovalchik Phone: 440-442-5777 FAX: 440-442-1844
The Finance Department is responsible for the accurate accounting of all receipts and disbursements of the city of Lyndhurst, representing the city in most financial matters and abiding by all laws governing proper municipal financial control. The department records all assets and liabilities, keeps an accurate account of taxes and assessments, collects all monies for the city and makes all necessary disbursements on the city's behalf. In addition to accounts receivable and accounts payable, the Finance Department prepares payroll, processes purchase requisitions, and oversees fixed assets. The City's financial statements are produced in accordance with Generally Accepted Accounting Principles. The Auditor of State has issued an opinion that confirms compliance with these principles for the 2006 accounting year. This audit can be viewed www.auditor.state.oh.us Municipal Income Tax - the municipal income tax rate is 1.5% on all wages and profits earned within the City limits. Residents are allowed a credit of 50% of up to 1.5% of the taxable income. The Regional Income Tax Agency (R.I.T.A.) collects and maintains the tax records for the city. All municipal tax filings and any questions should be directed to R.I.T.A.: 1-800-860-7482 or www.ritaohio.com Real Estate Tax - the real estate tax rate is 127.90 for tax year 2007 collected in 2008. The effective tax rate, which is the rate you pay after reduction is 74.605039. Additionally you receive 12.5% in rollbacks. There are two simple ways to estimate the real estate tax paid in 2008. Example: Home with a $150,000 market value
Where do your real estate tax dollars go?
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