The rate will remain at $0.443301 per $100 assessed valuation. The rate is split into $0.320981 for maintenance and operations and $0.12232 for principal and interest on the debt service.
Because overall property values in the city have increased, the approval effectively amounts to a 2.04% increase in the tax rate, according to the city ordinance.
The ordinance states that property taxes for maintenance and operations of the city on a $100,000 home would increase by about $6.40 per year under the approved rate.
For the owner of a $250,000 home, the city tax bill would be about $1,108.25 per year.
