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Staff recommends no-new-revenue tax rate after valuation drop; three Truth-in-Taxation rates presented
Summary
Finance staff presented the three rates from the Truth-in-Taxation worksheet and recommended the no-new-revenue rate (0.669182) for commission consideration, noting it represents a small reduction from last year's 0.6807 rate given the valuation reduction.
City finance staff walked commissioners through the Truth-in-Taxation worksheet and the three statutory rate calculations needed for the 2027 budget.
Staff listed the no-new-revenue rate at 0.669182, the voter-approval rate at 0.668238 and the de minimis rate at 0.654338. "Staff will be recommending to the commission to consider adopting the no new revenue tax rate," the finance presenter said, adding the recommended rate is still a reduction from last year's 0.6807.
Staff and commissioners discussed how the lower certified valuation and obligations to terrace/TARS areas have pushed the recommended rate downward and constrained first-tranche funding for decision packages. Staff said notices on the proposed property tax rate will be posted on the city's website as part of the next steps in the budget calendar.
