According to a news release, the proposed tax rate of $0.491818 per $100 valuation will be subject to a public hearing during the Aug. 22 meeting along with the fiscal year 2023-24 budget.
In a nutshell
The rate is broken into a maintenance and operation component—used for general expenditures—of $0.421666 and an interest and sinking component—used to service debt repayment—of $0.070152, according to the proposed budget. The proposed rate was unanimously approved during the Aug. 8 meeting.
Despite a rate decrease from the FY 2022-23 adopted rate of $0.518731 per $100 valuation, the average homeowner’s tax bill is estimated to increase by $68.13. The proposed tax rate is also below the voter-approval rate of $0.568570 per $100 valuation, meaning no tax rate election is required.
A separate city news release shows a total of over $10.6 million in long-term debt issued that is secured using property tax revenue.
