City Council proposes to reduce Property Tax Rate by 16%
On August 9, the SW City Council will hold a truth in taxation public hearing to seek feedback on the new fiscal year 2023 tax rate.
SW Proposed FY 2023 Tax Rate – .001273
Previous FY 2022 Tax Rate – .001522
Here are the nuts and bolts. Each year the county assesses property values for each property. After getting this information they then look at what the rate needs to be so the cities can keep the same tax income. This rate was .001158.
The City, through the budget process, was anticipating maintaining the FY2022 rate. However, when we were informed just how drastically values have changed the City Council opted to decrease the rate, while still capturing some additional revenue to help with inflationary costs.
What this means for the average home owner whose value is $560,000 you would be responsible for an additional $35.42 per year, or $2.96 per month.
Property Tax goes into what is called the General Fund. Your property tax dollars will go towards things like: Policing, Parks Maintenance, City Operations, Recreation, and the Family Activity Center.
Tentative FY 2023 Budget
Truth in Taxation Public Notice