Belton Council considers tax rate of 63 cents per $ 100 | Business

0

Belton City Council members are set to adopt a new property tax rate of $ 0.63 per $ 100 of assessment next week – taxes that would fund an annual budget of $ 36.3 million for fiscal year 2022 .

The proposed budget would represent an increase of almost 12.6% over FY2021, while the proposed ad valorem tax rate of $ 0.63 per $ 100 of assessment would represent an increase of 6.6% per year. compared to fiscal year 2021.

“This budget will increase by $ 865,593 more property taxes than last year’s budget … and of this amount $ 235,230 is tax revenue from new properties added to the tax roll this year,” according to the city by Belton.

Under the proposed tax rate – which exceeds the new income tax rate of $ 0.591 per $ 100 of valuation – a homeowner with a property valued at $ 100,000 would pay $ 48.30 more in taxes. the town of Belton.

However, CFO Mike Rodgers has pointed out how much resident property values ​​are on the rise.

“For the 2020 tax year, our average assessed value of a single-family residence is $ 193,247. This particular average house would have paid $ 1,217 in municipal taxes last year, ”he said Tuesday. “For 2021, our average assessed value increased 8.89% to reach $ 210,594. This average home would now pay $ 110 more in property taxes than in the 2020 tax year. ”

At the last Belton city council meeting, Rodgers said there was $ 16.75 million budgeted for the general fund, $ 1.18 million for the debt service fund, $ 2.7 million $ 11.2 million for special income funds, $ 11.2 million for corporate funds, $ 1.36 million for internal service funds, and $ 2.46 million for the Belton Economic Development Corp. fund.

Although Rodgers said the proposed budget could be achieved with a tax rate of $ 0.62, Belton City Council proposed a tax rate closer to $ 0.63 per $ 100 – a move that , according to Rodgers, would provide additional funding of $ 131,000 from property taxes.

“On August 10, 2021, city council proposed a property tax rate of 63 cents per $ 100 of assessed value to generate additional funds to implement the fiscal year 2022 budget,” Rodgers said during a meeting on Tuesday. “The proposed budget now reflects total resources of $ 36,383,280 and expenses of $ 34,180,640. “

Board member Guy O’Banion, however, still believes that a tax rate of $ 0.62 per $ 100 is achievable.

“We’re still not out of the woods with COVID,” O’Banion said at Tuesday’s meeting. “There are still people who are suffering. There are still people who are a bit cramped. We mitigate this increase in (property) value a bit by just dropping a dime more, but we are more acceptable and more responsible with our tax dollars.

Still, Belton City Manager Sam Listi stressed that Belton’s needs are “important” and suggested not to take “a step back just yet”.

Council members will vote on whether or not to adopt the annual budget of $ 36.3 million and the tax rate of $ 0.63 per $ 100 at a meeting at 5:30 p.m. on Tuesday, September 14.


Source link

Leave A Reply

Your email address will not be published.