Princeton City Council this week approved a property tax rate of 68.989 cents per $100 assessed property valuation for 2017 and fiscal year 2017-18 budget of $22.75 million.
The council met Monday, Sept. 11, at City Hall.
Because of rising property values, although the number is unchanged, the new tax rate is an increase from 2016. To nullify an increase in tax bills for existing property, the council would have had to adopt the effective rate of 59.2841 cents. The rollback rate this year is 68.989, equal to the adopted rate.
Property taxes will raise $939,982 more revenue than they generated last year, of which $496,219 is from new property added to the tax roll. Total property tax revenue is estimated at $3.9 million.
The property tax rate was approved unanimously on a motion by Mayor pro tem Rich Hooper, seconded by Nathan Council, Place 4.
By Joe Reavis • Staff Writer • [email protected]
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