Local Government

Town to advertise a real estate tax rate of $0.16 per $100 of assessed value

Published

7 years ago

February 22, 2019

Director of Finance B.J. Wilson discusses proposed tax rate with Town Council. Photo and video by Mike McCool, Royal Examiner.

The FY20 Proposed Budget includes revenues based on a real estate tax rate of $0.14 per $100 of assessed value. Council requested a comparison of estimated revenue based on various levels of real estate tax rates using the estimated property values for the 2019 reassessed values.

The Town Council is requested to provide staff with direction for advertising of the 2019 real estate tax rate, so that the first reading can be added to the March 11th, 2019 agenda.

BUDGET/FUNDING: A budget amendment may be required to the FY2019 budget due to collection of taxes reflected in separate fiscal years.
STAFF RECOMMENDATION: Staff recommends for approval of the FY20 (2019 Calendar Year) real estate tax rate of no less than $0.14 per $100 of assessed value; with anticipation that the Town may need to increase the rate in the future.