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Good News About Your Property Tax Rate

Post Date:05/11/2018 8:30 AM
One of the most exciting pieces of news from this year’s budget is that City administration projects that the tax increase, implemented in fiscal year 2018 and originally planned to take the City through 2022 without an additional increase, will likely sustain spending through fiscal year 2023. This type of careful and intentional planning benefits residents by allowing you to plan ahead without the threat of a tax increase every year or two. We take our roles as stewards of your tax dollars very seriously and we work hard to ensure that you receive the best those dollars can buy.

In addition, at the direction of Mayor Palazzolo, administration is proposing reducing the Germantown property tax rate by 2 cents. The City set the property tax rate last year at $1.97 based on a state formula designed to keep City revenues from being significantly impacted by appeals sure to happen during a reappraisal year. The rate included four cents to cover the impact of appeals. Information recently received from the state shows that Germantown has used just under two cents of that allowance. Lowering the rate to $1.95 will keep the city's property tax revenue at the same level as it was before the reappraisal, not counting the fiscal year 2018 tax increase and revenues from economic development.
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