Preliminary Tax Rolls Show 6.28 Percent Increase In Property Value
The City of West U. Has received the preliminary tax rolls for 2009, which show a 6.28 percent increase from 2008. The 2009 preliminary numbers have West U.’s property value at $4,254,216,197, up from $4,002,692,721 in 2008.
The city should receive the final tax roll, which includes protests, in the next two moths, after which the new council has 60 days to adopt a 2010 budget.
Although the appraised value has increased, it is less than the average 10 percent increase the city has experienced in previous years. The six percent increase is still more than the two to three percent increase used to determine debt service rates for the $13.8 million parks bond passed last November.
“We were and always are extremely conservative in projecting what it might look like in the future,” said City Manager Michael Ross. The higher than estimated increase combined with the refinancing of existing debt earlier this year should put the city in a good position not to have an increase in the debt service tax rate for 2010, said Ross.