With the new mill rate set at 25.99, taxpayers will pay $25.99 on every $1,000 of assessed value.
The assessed value is 70 percent of a property’s market value as determined by the revaluation from Oct. 1, 2007.
That means, for example, that if a house is assessed for $150,000, the tax bill would amount to $3,898.
For a house assessed for $200,000, the tax bill would be $5,198.
Revaluation makes it difficult to say what the general impact is because values shifted unevenly. Basically, those with property that rose in value more than the city average will see their tax bills go up more than the 4 percent called for in the budget – sometimes much more – while those with property that didn’t rise in value as much as the average could even see a lower tax bill this year than they got last year.
Last year’s mill rate was 34.71, but the impact of revaluation means that it was the equivalent of 24.95 this time around, according to Finance Chairman Rich Miecznikowski.
Remember, too, that a lower mill rate will mean that vehicle taxes won't be as high this year, which may cushion rising tax bills on homes for many people.
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Contact Steve Collins at firstname.lastname@example.org