Digging deeper
The proposed rate is a 7.2% increase from the no-new-revenue rate of $0.347177 per $100. No-new-revenue is a rate which would collect the same amount of total revenue for the city as the previous year.
While the overall revenue is consistent, the no-new-revenue rate could still raise or lower an individual homeowner’s bill, because of variance in property values. The increase from no-new-revenue will help fund public safety maintenance and operations, as well as city debt through voter approved bond projects, according to city documents.
Property taxes help fund the police department, fire department, parks and recreation, transportation, management and planning, general services, fiscal support and library.
The history
Fiscal year 2024-25 set a property tax rate of $0.360 per $100. The city’s historical property tax rates are as follows:
- $0.342 per $100 for FY 2023-24
- $0.342 per $100 for FY 2022-23
- $0.397 per $100 for FY 2021-22
- $0.439 per $100 for FY 2020-21
- $0.439 per $100 for FY 2019-20
The city will set the maximum tax rate at its meeting Aug. 14, as well as hold a public hearing. City Council will hear the first reading of the tax rate and budget Aug, 28, with a final adoption scheduled for Sept. 11.
Residents can view the full budget presentation from July 24 here.
