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Committee backs ordinances to set FY 2008/09 property tax rates and affirms city is under the Gann limit
Summary
The committee approved ordinances to set the city's FY 2008/09 property tax rate (1.163 per $100 of assessed value) and a resolution establishing the state constitutional appropriation (Gann) limit; staff said the rate reflects a 2% inflation adjustment plus bond-related increases and that the budget is $133 million under the Gann limit.
The Budget and Finance Committee approved ordinances to set several FY 2008/09 property tax rates and a resolution establishing the city's state constitutional (Gann) appropriation limit, sending the measures on with full recommendation.
Monique from the Controller's Office explained the citywide property tax rate is set by formula at 1.163,…
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