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Council to Vote on New Budget, and Constant Yield Tax Rate

For the tax year beginning July 1, 2021, the estimated real property assessable base will increase by 3.8%, from $3,086,366,980 to $3,203,730,429. This means, the C City is going to have $381,431 in additional property tax revenues in the upcoming fiscal year FY 2022. The City intends to keep the tax rate at the current 0.325 cents for $100 of property value, and does not plan to increase the tax rate in FY 22. According to State’s requirement, the City must post a notice stating that to keep the same level of property tax revenue as the current FY21, the tax rate is $0.3131 in FY 22. This rate is called the Constant Yield Property tax rate.

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