|
|
Type:
|
Agenda Item
|
Status:
|
Agenda Ready
|
|
On agenda:
|
10/21/2025
|
Final action:
|
|
|
Title:
|
2025 Property Tax Levy Discussion
|
TO: Finance Committee
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
2025 Property Tax Levy Discussion
end
BACKGROUND:
Property tax revenue accounts for 22% of General Fund revenues. Unlike all other taxes where the City Council sets a rate, property taxes require that we set the amount each year. For the 2025 levy, paid in 2026, we are proposing to levy an amount that is expected to keep the property tax rate the same. Although the rate remains unchanged, additional funding will be sourced from newly built homes and businesses.
We expected that 2025 will be the second consecutive year without a property tax rate increase.
|
|
2023 |
2024 |
2025 |
|
|
Levy Amount |
Levy Amount |
Proposed Levy Amount |
|
Fire Protection |
6,913,385.84 |
6,777,802.98 |
6,821,424.00 |
|
General Fund (includes Police Protection) |
8,919,553.77 |
11,022,878.85 |
11,290,479.00 |
|
Police Pension |
18,459,820.08 |
19,064,276.82 |
19,908,545.64 |
|
Fire Pension |
15,041,649.80 |
15,066,520.81 |
16,489,053.78 |
|
City Total |
49,334,409.49 |
51,931,479.46 |
54,509,502.42 |
|
Library |
6,329,670.00 |
6,837,338.38 |
7,177,837.83 |
|
Rate per $100 of Assessed Value |
1.2996 |
1.2340 |
1.2340 |
|
Rate Change |
|
-0.0656 |
0.0000 |
City Council must discuss the levy amount 20 days prior to adoption. Therefore, we are scheduling this discussion for November 4th
CONCLUSION:
The 2025 proposed property tax levy is expected to result in the same or lower tax rate to property owners.
RECOMMENDATION:
recommendation
Schedule the City Council levy discussion for November 4, 2025 at the amounts set forth above.
end
|