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City manager proposes 16¢ property tax increase for FY27 as staged two-year plan
Summary
City Manager Branham proposed a FY27 budget that includes a 16¢ property tax increase (raising the rate from $1.13 to $1.29) and forecasts a further 16¢ in FY28 to reach $1.45; staff say the proposal keeps fund balance healthy while covering major projects and COLAs.
Mister Branham, the city manager, transmitted his FY27 budget estimate to the Red Bank Commission and asked commissioners to consider a phased property tax increase that would add 16¢ in fiscal year 2027 and another 16¢ in fiscal year 2028.
Branham said the FY27 request would set the property tax rate at $1.29 per $100 of assessed value, up from the current $1.13. "I request 16¢ this year and another 16¢ next year," he said, explaining the two-step plan was chosen to split…
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