A Taxing Proposition

A Taxing Proposition

Current (FY 2011) Property Tax Rate: $0.4571 (per $100 valuation)

A Taxing Proposition

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.)

  • More of the Story

  • Room for the Unexpected

    With the budget season not yet in full swing, there's still time for hope

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READ MORE
More city budget
Breathing Room for the City Budget
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Proposed FY 2019 city budget features sunnier projections

Michael King, Aug. 10, 2018

Strategizing a City Budget
Strategizing a City Budget
Finance staff delivers tentative 2019 forecast

Michael King, April 13, 2018

KEYWORDS FOR THIS STORY

city budget, property tax

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