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City staff previews dynamic property-tax-rate model tied to reassessments
Summary
Staff outlined a concept to adjust the tax rate across the eight-year assessment cycle so reassessments can be revenue-neutral when they take effect; staff will return with back-testing and modeled scenarios for council review.
Staff briefly presented a concept for a dynamic property-tax-rate model designed to capture changes in property values over an eight-year assessment cycle while aiming for revenue neutrality at the next reassessment. The presenter said the next assessment process could finish in 2028 and be effective Jan. 1, 2029, and that growth and recent annexations mean the city should begin modeling how gradual rate adjustments would perform over time.
The presenter framed the idea as a discussion starter rather than a request for immediate action: "If done properly, at the end of [the] 8 year tax assessment period ... it's the same as your tax rate as it is today," the presenter said. Staff said they will provide back-tested scenarios and concrete numbers for future budget deliberations; council took no vote on the concept tonight.
