City’s tax roll certified

On Wednesday afternoon, the city’s tax rolls came out. They showed $4.9 billion more in property tax values than previously estimated ($111.1 billion compared to the estimated $106.2 billion). What does that mean? For one, it means that the tax rate needed for the proposed budget has fallen to 45.98 cents for every $100 of property valuation (from 48.14 cents). It also means the median homestead taxable value is now $217,367, not $218,336. According to a memo from Deputy Chief Financial Officer Ed Van Eenoo, based upon the certified tax roll data, “The annual tax bill for the owner of a median valued homestead in fiscal year 2015-16 is projected to decline $12 relative to the current year’s median tax bill. It is noteworthy that but for (City) Council’s action to enact a 6% general homestead exemption, the projected tax bill for the median valued homestead would have been $40 higher and an increase of $28 over its fiscal year 2014-15 level.” Of course, the proposed budget remains theoretical for the time being and has yet to be determined. Today, Council members will continue to discuss their priorities, take public testimony and hammer out the details of the $3.5 billion budget with an eye toward finalizing it next month.