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Council Told to Prepare Third-Quarter Estimated Tax Bills at 2.338% Rate
Summary
The tax collector requested authorization to prepare and mail third-quarter estimated tax bills using a 2.338% estimated tax rate; council members sought projections for fourth-quarter impacts before finalizing bills.
The Municipal Council caucus heard a request to authorize the tax collector to prepare and mail estimated third-quarter tax bills using an estimated rate of 2.338%.
The tax collector said the 2.338% rate is the maximum the city is allowed to propose for the third-quarter estimated bill. Staff estimated that for an average residential assessment of roughly $486,000, the third-quarter increase would be about $250, of which approximately $26 would be the municipal portion under council control.
A council member asked the administration to provide estimates for the fourth-quarter rate based on introduced budgets for the three entities (city, board of education and other taxing authorities) so the council could understand total annual taxpayer impacts before bills are mailed. The council member also asked whether a waiver application would be available if the fourth-quarter bill would be particularly burdensome.
Department staff said setting the third-quarter rate at the maximum is intended to reduce the required fourth-quarter adjustment; the tax collector agreed to provide additional projections for the fourth quarter and share them before the formal meeting.
The caucus did not take a formal vote; the authorization to prepare and mail estimated third-quarter bills will be considered at the council meeting.
