TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
2025 Property Tax Levy Discussion
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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 expect that the 2025 tax levy will result in the second consecutive year without a property tax rate increase.
|
|
2023 |
2024 |
2025 |
|
|
Actual |
Actual |
Proposed |
|
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 the levy ordinance for consideration on December 2, 2025.
CONCLUSION:
The 2025 proposed property tax levy is expected to result in the same or lower tax rate to property owners.
RECOMMENDATION:
recommendation
Based on the above, it is recommended that the Mayor and City Council set the property tax levy at the amounts specified above to be considered for final action on December 2, 2025.
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