This is roughly $670,000 more than the original estimate the city received in July, according to documents presented at an Oct. 26 City Council meeting.
The average home value did drop slightly from $379,629 in FY 2019-20. The average home value is now $378,396. With the adopted tax rate of $0.4482 per $100 of assessed property value, the average home owner can expect a $4 savings in their annual tax bill, now calculated at $1,357.
Of the expected $209 million in revenue, close to half is expected to come from single-family homes, while roughly 42% of the revenue will come from commercial properties. The remaining amount will come from multifamily properties, according to a staff presentation.
The city's total taxable value is $46.6 billion, an increase of $1.4 billion over FY 2019-20. Roughly $852.2 million of this total value comes from new growth, largely commercial.
The certified appraisal rolls were delayed due to the coronavirus pandemic and were still under deliberation when the budget was passed in September. The city received raw final appraisal numbers in early October and presented them for approval at the Oct. 26 meeting, where they were approved unanimously.
