Council adopts 0.624 property tax rate and ratifies FY2026 budget

The City Council approved a property tax rate of 0.624 per $100 of assessed valuation and ratified that rate to provide property-tax revenue for the fiscal year 2026 budget. Council members held a roll-call vote on the ordinance’s second and final reading after staff explained the proposed rate would increase total tax levies because property valuations rose about 5.96%; staff also noted that the proposed rate exceeds the state-calculated “no-new-revenue” and voter-approval rates under state law (chapter 26). One council member described the action as maintaining last year’s tax rate while acknowledging that higher property valuations result in greater tax revenue. During the vote sequence a council member moved to adopt the tax rate, a second was recorded, and the motion passed by roll call. Council then moved to ratify the tax rate to fund the fiscal-year 2026 budget; the ratification also passed. After the ratification the council said the fiscal year 2026 budget was approved and the meeting was adjourned. The transcript shows the council discussed the technical distinction between a rate change and revenue increase: staff said valuations increased by 5.96 percent, which requires certain statutory notices and calculations that can make a rate adoption appear as a rate increase even when the nominal rate remains unchanged. The council recorded approvals on the second reading and the ratification motions. Details recorded in the meeting: adopted tax rate — 0.624 per $100 assessed valuation; valuation change stated by staff — 5.96 percent; action type — second and final reading of ordinance and subsequent ratification to provide revenues for the adopted FY2026 budget. The transcript identifies state code chapter 26 as the statutory reference for calculating the no-new-revenue and voter-approval rates.