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City staff: revenues up about 5% year over year; property-tax assessment adds roughly $819,000 for tax year 2025
Summary
City finance staff reported overall revenues are averaging about 5% higher than the same period last year, outlined recent assessment increases and new construction that together could yield roughly $819,000 in additional property-tax revenue for tax year 2025, and projected further gains as pilot agreements expire.
Speaker 1 (Unidentified Speaker) told the Jackson City Budget Committee that the city's overall revenues are "currently averaging about 5% higher than the same period last year," while cautioning that November is typically a down month because sales- and property-tax receipts lag and a payment in lieu of tax from the Jackson Energy Authority varies in November.
Speaker 1 said property-tax collections are "on track" and provided specific estimates: last year's property-tax total was $35,400,000 and this year's estimate is $35,900,000, an increase of about $500,000. He said several pilot agreements are scheduled to expire and projected about $1,000,000 in additional property tax by the end of 2027 and roughly $1,200,000 by the end of 2030 as pilots convert to regular property tax payments.
Using recent building-department figures, Speaker 1 said that since the August assessment update the city logged roughly $62,000,000 in new residential construction and $51,000,000 in new commercial construction, which he estimated would amount to about $580,000 in new potential property-tax revenue when the next billing occurs.
Speaker 1 then gave the assessment figures that yield the committee's most concrete near-term estimate: the 2024 assessment rose from about $2,230,000,000 to approximately $2,280,000,000 (a $50,000,000 increase), and Speaker 1 estimated that change will produce about $819,000 in new property-tax revenue for tax year 2025.
Committee members requested the underlying numbers in hard copy; Speaker 1 agreed to provide the documentation to the budget committee. The presentation closed with the staffer noting that these figures will change as additions and deletions occur before final billing.
