Mayor Luke Ravenstahl today proposed reducing property taxes as part of a requirement by the state after a countywide reassessment.
Ravenstahl's proposal would cut the tax millage by 30 percent, from 10.8 to 7.56 mills. Based on a home valued at $100,000, a homeowner would go from paying $1,080 to $756 in city taxes, Ravenstahl said at a press conference this morning. His legislation would also increase the Homestead Exemption by 50 percent and the Senior Tax Relief Credit by 30 percent.
Ravenstahl said the tax cuts are in response to the countywide property reassessment, both of which were required by the state, and are revenue neutral, and that it's just another measure by his administration to empower residents so they aren't taxed out of their homes. City finance director Scott Kunka said 30-40% of city residents would see a decrease in taxes, approximately 12 percent would remain the same and the remainder of residents would likely see an increase.
The mayor announced the proposal at a press conference this morning, and was joined by city council president Darlene Harris and finance committee chairman councilor Ricky Burgess. Ravenstahl said he intended to introduce the package to council today and enacted by the end of the month. If approved, he said residents would see the change in their tax bills by the end of February.