Mayor Graham Richard and City Controller Pat Roller today explained how changes in State tax policy have resulted in an increase in local property taxes due.
The State of
* State Property Tax Replacement Credit: reduced by 13%
* The result is an increase in local property taxes
“We are committed to reducing the tax burden on taxpayers while maintaining excellent services,” said Mayor Richard. “We have been fiscally responsible and have one of the lowest city property tax rates since the 1960's.”
The city only tax rate is down by 5.6%. The city's tax rate continues to be approximately 30% of the tax bill.
The impact on property owners in the Southwest Extended Annexation area is dependent on trending of individual properties. Recent data shows all residential properties increased by 15% for trending purposes. Not all homes increased by 15%.
Mayor Richard also called on City Council to delay a decision on whether or not to increase income taxes. House Bill 1478 gives City Council the authority to increase income taxes. Mayor Richard believes more time is needed to study the issue to reach a thoughtful decision.