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Staff: voting the voter-approval tax rate would raise median homeowner about $122 a year
Summary
Staff presented preliminary appraisal changes and tax-rate options; under the voter-approval tax-rate scenario staff projected roughly $122 a year ($10/month) increase for the median homeowner, with final numbers pending July appraisals.
Staff gave a preliminary property-valuation update and presented the tax-rate options available to the city, explaining the difference between the no-new-revenue rate and the voter-approval (up-to-3.5%) rate.
"Based off our median, homestead taxable value, right now, that is $553,000 we expect that to be somewhere around 576...we are anticipating somewhere around a $122 tax increase to the median homeowner or roughly $10 a month," the staff member said, cautioning that numbers are preliminary and final valuations arrive in late July.
Staff explained how valuation growth and the city's decision on the I&S rate affect residents' tax bills and that the voter-approval tax rate applies only to existing-property valuation (not new growth). Council members asked for clearer breakout of recurring versus one-time expenses and for staff to show maintenance versus capital in future slides; staff agreed to provide those details ahead of the final budget.
