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Council approves first reading of 2026 property tax levy; staff says 1% limit constrains revenue
Summary
Finance Director Jerica Pascoe presented projections and the required public hearing; state limits the levy increase to 1% (IPD 2.44% so 1% cap applies). Staff projected the city's 2026 property tax collections at $3,814,745.18 and recommended first reading of Ordinance 4974; council approved first reading.
At a Nov. 3 hearing required under state law, Finance Director Jerica Pascoe presented estimated 2026 revenue sources and sought first reading of Ordinance 4974 to establish the 2026 ad valorem property tax levy. Pascoe explained that state statute limits property-tax increases to the lower of 1% or the implicit price deflator; because the…
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