City Council, on Tuesday, approved the first reading of an ordinance to set the property tax rate at $0.599774 per $100 valuation for fiscal year 2025-26. The public hearing by council is required to be in compliance with the Truth-in-Taxation guidelines as it relates to the adoption of the budget and the property tax rate.
The proposed rate is the same as last year’s but represents a 0.23% increase over the no-new-revenue tax rate of $0.598423. That’s the rate the city would need to generate the same amount of property tax revenue as the previous year, without accounting for rising property values.
City officials estimate the tax rate will generate $169.4 million in revenues. The amount needed for debt service or Interest and Sinking is $62,438,810 and the difference of $107,053,585 is for the general fund or Maintenance and Operations. Of this amount, $11,303,751 will be transferred to the Streets Fund for Residential Streets. Additionally, $6,625,901 in tax revenues will be collected for the Tax Increment Reinvestment Zones…