A Taxing Proposition
Current (FY 2011) Property Tax Rate: $0.4571 (per $100 valuation)
Projected (FY 2012) Tax Rate: $0.4876
According to city officials, the 3-cent increase in property tax – the highest allowed without a special election – is needed to offset a $9.8 million revenue shortfall; staying at the current rate widens the gap between expenses and revenues to $27.4 million.
The increase raises city taxes on a $184,484 home (the median home valuation in the city) from $843 to $900. However, it's worth noting that city taxes currently make up roughly one-fifth of a homeowner's total property tax burden, as illustrated. (The charts at right use current figures, as rates aren't yet fixed by all jurisdictions.)