Laserfiche WebLink
The bad news is that doesnÓt necessarily hold true for higher valued homes Î meaning those over <br />$500,000. After a property reaches $500,000 in value the tax capacity goes up by 1.25% rather <br />than 1%. Properties valued over this amount will see an increase of around 1.2% more than their <br />property value increase. This means a home valued at $532,120 in 2023 and increasing 3.36% <br />up to $550,000 in 2024 will see an increase of 4.53% or $98 in their city property tax. <br /> <br />Tax Capacity Rate 40.115% 40.266% 0.38% 40.115% 40.266% 0.38% <br /> <br /> <br /> <br />Median Home $351,550 $363,350 3.36% Upper End Home $532,121 $550,000 3.36% <br /> <br />Net Tax Capacity 3,459 3,495 1.03% 5,402 5,625 4.14% <br /> <br />City Taxes $ 1,388 $ 1,407 1.41% $ 2,167 $ 2,265 4.53% <br /> <br />$ Increase $ 19 $ 98 <br /> <br /> <br />Staff believes this to be a reasonable budget that accomplishes the service goals set out by the <br />City Council. We recommend adoption of the final budget and tax levy as presented. <br /> <br />