SO MAYOR NUTTER has proposed a 9.34 percent increase in property taxes in his fiscal-year 2016 budget. If City Council approves the mayor's plan, what does that mean for property owners?
Well, if a homeowner's
property is assessed at, say, $100,000, under the city's current 1.34 percent property tax rate, the homeowner pays about $1,340.
Under the proposed increase, from 1.34 percent to about 1.47 percent, the property owner would pay an additional $125 a year, or about $1,465 on a property with an assessment value of $100,000.