COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Jill Olsen, Administrative Services Director
SUBJECT:Title
Truth in Taxation Hearing and Public Hearing on the Proposed Fiscal Year 2024-25 Property Tax Levy (Jill Olsen)
Body
FUNDING SOURCE:
General Fund
PURPOSE:
Solicit public testimony on the proposed Fiscal Year (FY) 2024-25 property tax levy, and by roll call vote approve a motion to keep the City’s property tax rate unchanged and levy the proposed property taxes.
BACKGROUND:
Arizona Revised Statutes (A.R.S.) § 42-17107 requires all taxing authorities who anticipate collecting more property taxes than they did in the previous year, excluding new construction, to hold a public hearing. As required by A.R.S. § 42-17107, a Truth in Taxation press release was issued on June 11, 2024, and a notice was published in the newspaper on June 11 and June 18, 2024.
The tax rate is proposed to remain flat at $0.6718 per $100 of assessed value. Due to the increase of assessed values, as determined by Mohave County, the levy amount is anticipated to increase by the following:
FY 2023-24 Adopted $6,355,025
FY 2024-25 New Construction 104,814
FY 2024-25 Assessment Increase 301,578
FY 2024-25 Proposed Levy $6,761,417
A.R.S. § 42-17107 also requires the local governing body to consider a motion to levy the increased property taxes by a roll call vote and adopt the property tax levies at the July 9, 2024, City Council meeting. (State law requires a period of at least fourteen days between the Truth in Taxation hearing and the public hearing on the tax levy and adoption of the tax levy.)
COMMUNITY IMPACT:
Helps fund services such as Police, Fire, Parks and Recreation, and General Government.
FISCAL IMPACT:
Anticipated increase in property tax collections for Fiscal Year 2024-25 from the prior fiscal year of $406,392, including new construction.
ATTACHMENTS:
Truth in Taxation Notice
Press Release Truth in Taxation
Truth in Taxation Hearing Presentation
SUGGESTED MOTION:.
I move to approve the levy of the proposed Fiscal Year 2024-25 Property Tax and to assess the levy at the July 9, 2024, City Council meeting.