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Finance director recommends holding millage at 3.75% as taxable value rises
Summary
Finance Director Steven Kaplan told the council taxable values are expected to rise to just over $2.0 billion (up roughly $123 million, ~6%), and staff recommends maintaining the millage at 3.75, which would generate about $7.3 million for the general fund. The recommendation is preliminary pending certified numbers on July 1.
Finance Director Steven Kaplan said the town’s certified taxable value for the current year is roughly $1.9 billion and that the property appraiser estimated next year’s certified value to exceed $2.0 billion — an increase Kaplan described as "about an increase of 123,000,000 or 6%." Kaplan noted staff is "recommending and suggesting maintaining the millage rate at 3.75," a stance the council will revisit after official certified values are released July 1.
Kaplan said maintaining the millage at that rate would yield approximately $7.3 million in general-fund property-tax revenue — about $390,000 more than the current year under staff projections — and that staff will return in July with updated figures and a recommended public hearing schedule.
