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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
 

Click to Launch the 2006 City Financial Report
Mission Statement: To protect and to enhance the fiscal integrity and efficient management of the city while maintaining citywide programs and initiatives.
 
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
  • Market value $150,000 x 35% = Assessed value $52,500 / 1,000 x effective rate 74.605039 = $3,916.76 x 87.5% rollbacks = $3,427.17 estimated tax per year.

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  • An easier method is to simply take the market value of your home $150,000 x 2.2848% (the percentage to market rate) = $3,427.05 estimated tax per year.

Where do your real estate tax dollars go?

Schools
60.68%
$2,079.53
City of Lyndhurst
15.42%
$528.45
County
21.48%
$736.13
Library
2.42%
$82.94


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