Staff proposed tax rate 50 cents per $100 valuation
Residents will have the opportunity to voice their concerns about the proposed fiscal year 2017-’18 budget at public hearings next month.
The first public hearing will be at the regular city council meeting Tuesday, Sept. 5 and the second meeting is slated for Tuesday, Sept. 12. Council will adopt the proposed budget and tax rate at the Tuesday, Sept. 19 regular meeting. All hearings are scheduled for 6 p.m. in council chambers at 206 N. Murphy Rd.
The fiscal year for the proposed budget begins Oct. 1 and runs through Sept. 30, 2018.
Following direction from council, city staff is proposing a 2017 property tax rate of 50 cents per $100 valuation, a drop of one cent from last year’s rate. The decrease follows a pattern of lowered taxes dating back to 2012.
In 2012 the tax rate was 57 cents per $100 valuation. The rate fell to 55 cents in 2014, 53 cents in 2015 and 51 cents last year. One of the main factors behind the rate decrease was the increase in home and property values in Murphy.