FY 23 Budget Q&A #112: What personal property tax assessment ratios were considered besides the 77% recommended by staff?
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Budget Question # 112: What personal property tax assessment ratios were considered besides the 77% recommended by staff? (Councilmember Bagley)
Response: Staff projected that an Assessment Ratio of 75% would effectively eliminate the anticipated surplus associated with the surge in car values during 2021 as a result of supply and demand forces during the pandemic. As presented to Council at the Budget Workshop on March 23, 2022, an Assessment Ratio of 77% is projected to generate a surplus of approximately $2 million. An Assessment Ratio of 80% is projected to generate a surplus of roughly $5 million.
