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Finance staff previews annual property-tax levy; assessed values reported lower than last year
Summary
Staff told the board assessed values dropped and presented a proposed total levy of 0.3903 (general fund and park fund components). The council noted final Jackson County assessments are pending and the state report is due Oct. 1; council may revisit levy at a later meeting.
At the Aug. 13 meeting the city’s finance staff reviewed notices from Jackson County showing a decline in assessed valuation for 2024 and explained how that affects the mill levy.
Staff said assessed value decreased from about $522.46 million last year to $507.56 million this year (a roughly 2.9% decrease). Because levy rates and assessed value move inversely, the preliminary total levy was calculated at 0.3903 with a split between general and park funds noted in the presentation. Staff said a final county assessment will arrive in early September and the state report is due Oct. 1; the council expects to revisit the levy when the final assessment is available.
Council members raised concerns about using Zillow-derived values and asked staff to check alternative data sources for median home values. Some aldermen flagged the potential need to adjust the levy in September after county figures are final.
