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Staff outlines property tax assumptions as Jerome's taxable value hits $1.4 billion
Summary
City staff told the council that FY2027 assumptions include 3% new construction growth and 1% forgone amounts, with the city's taxable value at $1.4 billion; projected tax levies were discussed but no rates were set.
City Administrator Mike Williams briefed the council on property tax assumptions used in preparing the FY2027 preliminary figures, citing a taxable value of $1.4 billion and recommended calculation inputs. Williams said the FY2027 budget would "include new construction of 3% and forgone amounts of 1%," figures staff plans to use when preparing levy projections.
Williams and council members discussed how those inputs and the municipal cost index (5.5%) feed into the levy calculations. No formal levy or final rate was adopted at the workshop; staff will include the assumptions in the tentative budget packet for formal deliberation beginning Aug. 4.
