The tax rate is a slight decrease from last year’s rate of 60.653 cents per $100 of valuation.
However, because the total value of property in the city increased, the proposed rate will bring in about $30,000 more than last year’s $381,318,
The average home value was $43,393 last year and its tax bill was $263.19. This year, the average home value is $43,686 and at the proposed tax rate will pay a tax bill of $256.22.
Overall, the city’s general fund budget is up nearly $400,000, mostly due to a surge in sales tax revenue.
The city budgeted $350,000 in sales tax revenue for 2010-11, but is on pace to collect nearly $500,000. The city’s 2011-12 budget, which goes into effect Oct. 1, projects $510,000 in sales tax revenue.
Most of the increase in the budget goes to personnel.