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Council to present a 5% truth-in-taxation scenario that would raise roughly $2.23 million
Summary
Staff told council the maximum rate to be presented at the truth-in-taxation hearing is 0.002578 (a 5% scenario) and that it would generate an estimated $2,229,665 in additional revenue; staff said the figure will be listed as the maximum at the hearing but councilors are not committing to final approval tonight.
Peter reviewed the truth-in-taxation notice and a revenue scenario to present at the required public hearing. He said staff has submitted a maximum proposed rate of 0.002578 — a 5% scenario — and that the projection would generate about $2,229,665 in additional revenue under that model. “We generate that $2,229,665 in additional revenue,” Peter said while walking through the spreadsheet projections.
Staff reminded the council the number being presented to the tax commission is a maximum for the hearing and that the council would make the final decision after public input. Councilors asked about the home-valuation assumptions and county notice materials; staff said the county pie-chart showing the city's share of property-tax receipts (about 22%) helps contextualize what portion of a homeowner’s tax bill goes to the city versus other jurisdictions.
The council did not vote on a final rate tonight; staff will present the truth-in-taxation materials at the public hearing and return with any changes after public comment.
