City Commissioners approved lowering the real property tax rate by 20 cents Tuesday during a special called meeting, though revenue is still expected to increase.
Commissioners approved lowering the rate from 26.6 cents per $100 of assessed valuation to 26.4 cents. No comments came from the community regarding the 2020-21 tax rates during a public hearing held before the second reading and vote.
Angela Waninger, director of finance and support services, said the approved real property tax rate would produce revenues of more than $9.4 million. The tax levied last year produced revenues of just more than $9 million Waninger said.
Revenues coming from new property should total $77,328, Waninger added.
“The primary rate is on real estate — your house, or whatever property you own in the City,” City Manager Nate Pagan explained previously during the first reading. “That represents about 82% of all the property tax, so that is by far the most prominent.”
The City approved a personal property tax rate of 27.87 cents per $100 of assessed valuation. According to Waninger, that tax rate should wield estimated revenues totaling $1,112,206.
“Revenues received in excess of last year’s revenue will be used for general expenditures,” she said.
Commissioners approved leaving the vehicle tax unchanged at 30.30 cents, which has stayed the same since 2000.