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Finance committee recommends holding real-estate tax rate at $1.24; equalized guideline would be about $1.30
Summary
The council-appointed finance committee recommended retaining the real-estate tax rate at $1.24 per $100 of assessed value rather than equalizing to about $1.30; the committee presented background on the 2006 guideline and its 2013 revision.
Brian DiProfio presented the finance committee's annual review of the real-estate tax guideline and recommended the council keep the current rate at $1.24 per $100 of assessed value. "We presented the analysis real estate tax rate at the existing level of $1.24 per $100 of assessed value," DiProfio said, noting that the equalized guideline rate per the policy would be about $1.30 but the committee recommended staying at the current level.
DiProfio reviewed the guideline's origin (adopted in 2006) and a 2013 revision that added guidance for declining assessments so the city could adjust rates upward when assessments fall rather than make sudden service cuts. The committee explained its approach of comparing real-estate growth to resident income and the consumer price index, and it said the recommendation reflects a policy judgment about rate stability versus full equalization.
