City Council, excluding member Jacquetta Thayer, who was absent, unanimously approved the rate increase Sept. 25.
This set the property tax rate for the 2024-25 fiscal year at $0.483029 per $100 valuation.
Zooming in
Of the money collected, $0.317978 per $100 valuation will go toward operations and maintenance of the city government and its facilities. The rest of the money collected by the city, $0.165049 per $100 valuation, will go toward eliminating and servicing the city’s debts, according to the agenda item.
City documents state the two portions of the tax rate may not equal the sum due to fractional differences in rounding.
Looking back
The 2023-24 property tax rate was $0.454559 per $100 valuation. Of that rate, $0.28951 per $100 valuation went toward operations and maintenance while $0.165049 per $100 valuation went toward debt service.
Dig deeper
The rate change comes after council passed a $12.32 million 2024-25 budget that increases spending compared to the previous year by about $2.32 million.
The larger budget comes as the city is experiencing considerable growth, and the city’s police department accounted for the largest share of the budget at $3.9 million.
