To request that the Mayor (i) propose an annual budget for Fiscal Year [2026-2027] 2027-2028 that recommends a real estate tax levy of $1.16 per $100 of assessed value as a means of tax relief for residents who pay real estate taxes and as affirmation of the City’s commitment to live within its fiscal means, and (ii) provide estimates of additional revenue and planned expenditures if the real estate tax levy for Fiscal Year 2027-2028 were $1.20 per $100 of assessed value. (As Amended)

This resolution requests the Mayor to propose the Fiscal Year 2027-2028 annual budget with a real estate tax levy of $1.16 per $100 of assessed value. This rate is intended as tax relief for residents and to demonstrate the City's commitment to fiscal responsibility. Additionally, the Mayor is asked to provide estimates of potential revenue and expenditures if the real estate tax levy were set at the current rate of $1.20 per $100 of assessed value for the same fiscal year. The resolution highlights substantial increases in taxable real estate values (81% overall, 86.5% for residential) between 2018 and 2025, which have outpaced median household income growth (33%).

This resolution proposes a potential decrease in the real estate tax rate from $1.20 to $1.16 per $100 of assessed value, which could lead to tax relief for homeowners. Residents will also see a comparison of budget scenarios based on these two tax rates.

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