At its Sept. 16 meeting, council members voted unanimously to approve the new tax rate, which will be set at $0.422435 per $100 valuation, marking a $0.0033 increase from the previous fiscal year.
In a nutshell
With the average taxable value of a home increasing within the city by 9.5% to around $446,000, the new tax rate–the fourth rate increase in the city in almost 30 years–is expected to increase taxes on the average home by more than $177 annually, or an increase of 10.38%.
Overall, the city expects to bring in nearly $83.5 million in property tax revenue in FY 2024-25.
According to previous Community Impact reporting, city officials expect to raise more than $5.8 million more in property tax revenue–or about a 7.5% increase–than the previous year. Of that amount, around $3.3 million will be raised from new property added to the tax roll this year, per city documents.
The context
The new tax rate adoption comes on the heels of City Council approving the FY 2024-25 budget at its Sept. 9 meeting.
The new budget expects $137 million in expenses from its general fund and $139 million in revenue, a $2 million surplus.
With the budget, the city has allocated funds for employee raises, traffic initiatives and infrastructure and facilities such as the construction of the Tittle-McFadden Public Safety Center, which is expected to be completed in FY 2024-25, and the Fire Training Tower currently under construction.
Jonathan Perriello contributed to this report.
