Sunday, May 27, 2012
The Assessor is charged with determining full market value for all taxable property and has done what he is charged to carry out. Now Canyon Cities and the County budget writers will have to figure out how to live with the new reality of no increases in property taxes due to the TAX CAP on levy rates. Heretofore, all the assessed value meant was the portion of the budget assigned to your property. And they were allowed to take a 3% increase but not now due to the CAP.
With the CAP in place Caldwell is staring down the barrel of around $1.3 MM in less property tax revenue for City operations and the URA is looking to have about $700,000 in decreased "INCREMENT" to fund URA projects.
Canyon County will have its share of budgetary pain as well, 56% of the county budget comes from property taxes. Canyon County is looking at about a $3.5MM decrease in proeprty taxes this year.
Police and Fire have often been mentioned by Mayor Nancolas as getting nearly all of the property tax revenue to fund these two public services and amounts to about 25% of the city budget. PUBLIC SAFETY accounts for 51%+ of the Canyon County Budget. It will be interesting to see how all this works out over the Summer until budgets are set come August 30th.
Posted by Paul Alldredge at 1:27 PM