The following Table shows the effect changes in assessment has had on the City's tax rate.
In the first 4 year phase-in (2009-2012) and second 4 year phase-in (2013-2016), with an annual average assessment increase of +4%, the City's tax rate decreased.
It is estimated that assessment for the 2017-2020 phase-in will increase at an average of 1.5%.
The two components required for determining property taxes are the assessed value of the property and the tax rate applied to the property. The residential tax rate is determined by dividing the budgetary needs by the total assessment.
The following Table provides historical data related to the tax levy and the effect to the average residential property.