Question: What is the average real estate tax bill increase for FY25 based on real estate assessments? What is the anticipated revenue generated by a penny increase on the FY 25 tax rate? What is the anticipated increase in the average real estate property tax bill for each one-cent increase in the property tax rate in FY25? (City Council)
Response:
On average, existing residential real estate property values increased by $18,880 or 2.8%, from $679,914 in CY 2023 to $698,794 in CY 2024.
At the current real estate tax rate tax rate of $1.11 per $100 of assessed value, the average bill would increase by $210 annually, from $7,547 to $7,757.
Each 1 cent added to the real estate tax rate would generate approximately $4.7 million in FY 2025.
A 1 cent increase in the real estate tax rate would add $70 to the average residential tax bill for a $280 average annual increase.