The new proposed rate is $0.656205 per $100 valuation, which is an increase of $0.066807 from the 2021 rate of $0.589398 per $100 valuation.
According to a release from the city, the average homestead taxable value has increased 23% from $225,798 in 2021 to $294,933 in FY 2021-22.
Under the new rate, the tax on the average homestead is estimated to increase by $604, or 45%, and is estimated to increase the tax levy on all properties by 7.9%.
Since the voter-approval tax rate is set at $0.700454 per $100 valuation, the city will not need to hold an election for the proposed rate to be approved.
Residents who wish to speak on the tax rate can do so during the public hearing, which will begin at 6 p.m. at the City Hall Council Chambers, 2150 Universal City Blvd., Universal City.