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Assessed value up $30 million; council debates surplus use and tax implications
Summary
Councilors noted a $30 million uptick in assessed valuation from 2025 to 2026, largely attributed to new construction; they debated surplus levels, the potential effect on bond ratings, and whether to use more surplus to offset taxes.
Council members flagged an increase in total assessed valuation from 2025 to 2026 of about $30 million and asked staff whether that reflected reassessments or new construction. “The total assessment valuation. So from '25 to '26, it's gone up by $30,000,000,” the Chair said while probing the source of the increase.
Staff and councilors discussed how a larger tax base affects surplus and tax burden, with finance staff warning that relying repeatedly on unanticipated surplus to lower taxes could reduce reserves and draw scrutiny from rating agencies. “And for our bond ratings, they the Moody's will look at the surplus, and if we're consistent if you go up to 60%, they may say, oh, they're utilizing more of their surplus to offset taxes,” a staff member said. Council asked for a detailed breakdown from the assessor to confirm that new construction accounted for most of the increase.
