A property tax levy and rate decrease.
It’s not often you read those words in the same sentence, but that is just what the 2014 South Milwaukee budget passed Tuesday night calls for.
I am proud to support the budget, especially because we are able to reduce the amount of taxes levied (and the tax rate) while still funding city services at adequate levels. For more details, you can check out my previous post on the budget here.
So, what will this mean for your tax bill?
The 2014 tax rate for city purposes was set at $8.85 per $1,000 in assessed valuation, about a four-cent decrease, or 0.42%, from the 2013 figure. The total tax rate for 2014 (including all government entities) will be $26.93 per $1,000, down from $27.29 a year ago. So, for the owner of a $150,000 home, your taxes may also go down next year, from $4,093 to $4,039. I say “may” because it’s impossible to predict the tax bill on a specific property.
That said, delivering a decrease in property taxes year over year is rare – and a sign of this council’s (and my) continued commitment to responsible budgeting.