The “final act” of the budget process for fiscal year 2019-2020, as Jill Olsen, city administrative services director puts it, reached its conclusion at Tuesday’s City Council meeting when property tax levies were unanimously approved.
“For the general fund, the property tax levy rate will remain the same as it was for fiscal year 18-19,” Olsen said. “With assessed valuation going up and new construction, there will be an actual increase in the amount of revenue that we will be receiving.” So while the tax revenue is increasing by $302,704, the rate of $0.6718 per $100 will remain.
The property tax levy for the irrigation and drainage district will remain the same as last year’s rate as well, at $268.85 per acre.
For improvement district two at the London Bridge Plaza, the rate per $100 is “actually going down a little bit,” Olsen said, from $0.7740 in 18-19 to $0.7370 in 19-20. The tax levy will remain the same, however. “We will be collecting a little over $16,000 related to that improvement district,” Olsen said.
The only tax levy increase will be in the improvement district for the McCulloch median, which refers to the Wheeler Park area of the road. “The tax levy will slightly increase with additional revenue, with the rate per $100 staying the same,” Olsen said. “Therefore, there was an increase in the assessed valuation as well.”
Last fiscal year, the tax levy was $57,004. In 19-20, it will increase to $59,375. The rate per $100 will stay at about 50 cents.