The proposed tax rate of $0.337862 per $100 valuation is slightly lower than the city's existing property tax rate of $0.341455 per $100 valuation, which has held steady since FY 2011-12, city budgets show, when the rate increased about $0.09 per $100 valuation.
Although this year's proposed rate is a slight decrease, the city is expected to receive no change in property tax revenue from FY 2019-20, according to meeting information; this rate is projected to generate the same amount of property tax revenue for the city as the ongoing FY 2019-20. However, the rate decrease may not reflect a savings for homeowners, as property valuations have changed.
"In other words, if we received $100 last year, we will receive $100 this year, regardless of any changes in property valuations," the supplemental meeting information states.
The city's FY 2020-21 begins Oct. 1.