Frequently Asked Questions

Annual property bills can increase for a variety of reasons. For example,

• An increase in the tax rate due to an increase in the City’s budget.
• Any home improvement or renovation could potentially increase the assessed value of your property.
• A data correction to accurately reflect the description of the property
• A revaluation of properties in town to bring them to current market value.

The municipal and school budgets are approved and controlled by your elected City Council members.

No. The City does not collect extra tax dollars through the equalization process. It only ensures that the money the City collects in property taxes to support the budget that is adopted by the City Council is distributed fairly and equitably among property owners.

The tax rate is determined by taking the total Tax Levy (combined municipal, school and county budgets minus all revenues) and dividing it by the total Taxable Valuation. In short, Tax Levy/Taxable Valuation = Tax rate. Part of finalizing the total taxable valuation entails the Assessing department reviewing properties each year as of April 1^st.

Annual property taxes are calculated by taking the mil rate and multiplying it by the assessed value of your property. For example, a home valued at $250,000 would owe $5,000 in taxes for FY25. ($250,000 x .02 = $5,000)

Below is an example for a property assessed at $250,000 with a homestead exemption:

Without the homestead exemption a home valued at $250,000 would owe $5,000 in property taxes for FY25. With the homestead exemption, you’re saving $500.