Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Personal Property Tax topic
No spam. Unsubscribe anytime.
Used car price declines mean personal‑property revenues likely flat, commissioner tells council
Summary
City commissioner of revenue reported falling used vehicle values and anticipates roughly flat personal‑property tax revenue for planning; staff will finalize assessments after April returns and supplements.
Commissioner Mugler told council the used vehicle market has softened since the pandemic and that the city’s personal‑property assessments reflect those trends. Using J.D. Power pricing examples, he reported year‑over‑year declines across categories (compacts down about 16.9%, midsize about 15.9%, SUVs about 13.5%) and said the city’s assessed personal‑property base is roughly $990 million across about 112,000 vehicles.
Mugler cautioned that the presentation was preliminary and that business personal‑property and supplement filings arriving through March and April could alter the numbers. “So right now, the assessed value of our about a 112,000 vehicles are right at $990,000,000,” he said, adding staff will provide a final book to the treasurer by April 1. Council members asked follow‑up questions about collection of deferred taxes and the potential impact on the FY25 revenue forecast.
