The details
The council set the property tax rate at $0.40 per $100 valuation, maintaining the same rate the city has used for the past several years. The rate includes $0.3258 for maintenance and operations and $0.0742 for debt service, according to city documents.
The FY 2025-26 general fund budget is $8.1 million in revenues and $7.6 million in expenses.
The budget also includes an added $60,000 for quality-of-life events, shifting those expenses from the Montgomery Economic Development Corp. to the city’s general fund under the Public Works department, Finance Director Maryann Carl said. Even with the change, the city projects a $351,000 surplus in the general fund, Carl said.
Diving in deeper
The adopted budget is expected to generate $292,343 more in property tax revenue than last year, a 13.2% increase, according to city documents. Of that amount, $147,211 will come from new properties added to the tax roll.
Because of rising property values, the adopted tax rate is expected to generate about 9.2% more in revenue than the no-new-revenue rate.
