Last Thursday night, the City Council proposed a budget with streets utilities and airport as highlighted items. The proposed budget had an increase in General Fund revenue of 6.7 percent over last year. The proposed property tax rate for this budget would increase the tax rate from .4750 to .4777 based on the 2023 adjusted taxable value. The new taxable value is effectively proposed to increase revenue by 7% over the no new revenue rate for next year. In dollars, this proposed tax increase is a $31 per year increase on a house with a $100,000 taxable value. This 7% increase will help curb the negative effects of inflation on city expenditures. The proposed property tax will increase property tax revenue in the budget by 2.6% over last year’s budgeted property tax revenue. The increase in revenue helps battle inflation and increases the money to be spent in the street department.
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