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Committee approves abatement of $8.285 million in property taxes for 2025 bond payments
Summary
The committee approved the annual ordinance abating property taxes set to repay the city’s general obligation bond principal and interest totaling $8,285,265; staff said the abatement will be forwarded to counties to process.
The Government Operations Committee approved the city’s annual ordinance abating part of the 2025 property tax levy to cover principal and interest on general‑obligation bonds.
Bill (city staff) explained the abatement is routine and said the total property tax amount to be abated for upcoming bond payments is $8,285,265. “The total amount of property taxes that will be abated related to the city's upcoming principal and interest payments on those bonds is $8,285,265,” he stated.
Committee members moved and seconded approval; roll call recorded affirmative votes and the chair announced the item carries. Staff said the abatement will be sent to the county governments for action to effect the tax abatement.
Why it matters: The annual abatement directs property‑tax revenue that would otherwise be levied to repay city bond obligations. The abatement does not change the bond payment amount; it determines which taxing jurisdictions will not collect a portion of taxes because the city will abate them to apply against debt service.
What’s next: Staff will send the ordinance to the counties for processing as part of the 2025 levy schedule.
