A major reason for the proposed increase in the property tax levy is the failure of sales taxes to meet projected collections (darn recession).
As a reader of the blog pointed out, at Tuesday night's council meeting Mayor Fritzler noted that, when passed, the Saluki Way Tax increase of .25% generated $1.1 to $1.2 million per year. Approximately 2 years ago, revenues from the tax started falling short, causing the city to stop abating its share of property taxes, as happened in prior years. Currently, the city projects collections of about $800,000 this year from the Saluki Way portion of the sales tax.
As a reader of the blog pointed out, at Tuesday night's council meeting Mayor Fritzler noted that, when passed, the Saluki Way Tax increase of .25% generated $1.1 to $1.2 million per year. Approximately 2 years ago, revenues from the tax started falling short, causing the city to stop abating its share of property taxes, as happened in prior years. Currently, the city projects collections of about $800,000 this year from the Saluki Way portion of the sales tax.
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