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Rate Dropped To Reflect Recent Reassessment
Buena Vista City Council took action last Thursday, June 6, to equalize the tax rate in the next fiscal year that begins July 1.
By taking this action, the actual tax rate is to drop considerably, from $1.27 per $100 assessed value to around 91 cents. The exact amount won’t be known until Council gets its final report from the appraiser – possibly at Council’s next meeting on June 20.
Property values for the next fiscal year are being determined by reassessments and will be reflected in tax bills due Dec. 5. Reassessments are raising property values by approximately 40 percent over what they were in the last reassessments conducted four years ago. By equalizing the tax rate, the rate is to be lowered to where the total tax levy for all real estate in the city will be 101 percent of the previous year’s levy.
Council member Todd Jones expressed disappointment in the appraiser not getting the reassessments completed in time for Council to yet set a specific tax rate for next year. He also said it was unfortunate that a cover letter wasn’t included in the reassessment notices recently mailed out to property owners explaining Council’s intention to equalize the tax rate.
The notices sent out stated what a property’s tax levy would be under the reassessed value but no mention was made about Council’s intention to equalize the rate based on these reassessed values.
When reassessments push up property values by more than 1 percent, state law requires Council to either equalize the tax rate or advertise a tax increase, Mayor Tyson Cooper pointed out.
Those reassessment notices have prompted lots of people to complain to the city about what they thought were going to be much higher tax bills. Skepticism has abounded over Council’s intention to equalize the tax rate. When she tried to explain Council’s intentions to her husband, Council member Michelle Poloukis remarked, he accused her of “being a politician.”
