In a recent government meeting, officials discussed significant adjustments to the local tax levy, revealing a downward adjustment of $7.7 million. This adjustment has implications for the overall tax collection strategy, as it reflects a 0.49% increase compared to the previous year’s certified values, while adjusted values indicate a more substantial 1.49% increase.

The meeting highlighted a new market value of $249 million and a certified taxable value of $212 million, alongside a loss of $30 million in exemption value. Notably, the number of homesteads increased from 14,243 to 14,631, suggesting a rise in residents filing for the $100,000 homestead exemption. The average market value of residences also saw an increase, rising from $231,937 to $240,714.

Tax collection figures were presented, showing total maintenance and operations (M&O) tax collections of $84.7 million against a levy of $86.8 million. The collection rate for the past year was reported at 97%, a decrease from 103% the previous year. Officials noted a cautious approach to future tax rates, opting for a conservative estimate of 98% to maintain a buffer in the debt service fund, which had been drawn down by 30%.

The meeting concluded with discussions on the compressed tax rate, which is limited to 0.6169, reflecting the state’s certified values and local appraisal growth of 0.49%. This careful management of tax rates and collections is aimed at ensuring fiscal stability in the face of fluctuating property values and exemptions.