City proposes new tax rate amid significant property value growth

In a recent government meeting, officials conducted the first readings of two ordinances concerning the city's tax roll and tax rate for the upcoming fiscal year 2025, which corresponds to tax year 2024. The proposed tax rate is set at 0.6265, a slight adjustment from the previously recommended rate of 0.6267. This new rate reflects a modest increase from last year's rate of 0.6130.

City officials highlighted the importance of adhering to state law and the city charter regarding the required processes for public hearings and notifications. The proposed tax rate consists of two components: 29.76 for maintenance and operations (M&O) and $32.80.09 for debt service. The total taxable value of the city’s property tax roll is reported at approximately $10.7 billion, marking a 7.86% growth in the tax base, while the reinvestment zone's tax base saw an impressive growth of nearly 28%.

The meeting also noted that the total tax revenue is expected to increase by $4.8 million, with the reinvestment zone contributing an additional estimated $1.8 million. The adoption of the budget is scheduled for August 22, with another public hearing planned for the final reading of the tax rate and tax roll.

As the public hearing commenced, officials invited community input on the proposed tax measures, emphasizing transparency and engagement in the decision-making process.