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Council asked to approve 93% assessment ratio for personal property to provide tax relief
Summary
Finance staff recommended applying a 93% assessment ratio to qualifying vehicles for calendar-year 2023, a change the commission of revenue advised to provide relief after high used-car values; council will consider the recommendation on the evening agenda.
Finance Director Carl Daughtry told council that supply-chain-driven used-car value spikes had driven a large assessment increase in recent periods and that the commission of revenue recommended an assessment ratio of 93% for qualifying vehicles to provide tax relief. "At the recommendation of the commission of revenue, city council will consider this evening that an assessment ratio of 93% be applied to qualifying vehicles," Daughtry said.
Daughtry said personal property tax is projected to grow to $50.9 million for 2024 (a $2.3 million, 4.7% increase) and represents about 12% of the revenue budget; he added that the state provides approximately $15.4 million in personal-property tax relief, with the remainder borne by local taxpayers. Council members asked for calculation details and Daughtry confirmed the 93% assumption is already reflected in the projection numbers he presented.
