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Carmel officials warn state property-tax changes will squeeze city budget
Summary
City leaders told a Brookshire town hall they expect revenue losses after recent state changes to property tax assessments and urged residents to review upcoming budget materials; councilors cited a $300 homeowner credit, a phase-in of assessed-value deductions and an estimated near-term revenue gap.
Carmel councilors told residents at a Brookshire town hall that changes made this year to state law affecting property-tax assessments will reduce city revenue and require difficult budget choices. The council’s finance chair explained the mechanics and how the changes will reach homeowners. “Property tax levy that we collect, the amount of revenue that we collect is a function of a formula. It's rate times assessed value equals property tax,” Rich Taylor, at-large city councilor and finance chair, said. He and other officials said the state law includes a $300 credit for homestead homeowners and an assessed-value deduction…
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