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APPROVED BUDGET FISCAL YEAR 2022-2023
Tax Revenue by Fiscal Year
26
24
22
20
18
16
14
12
12.43 13.25 13.46 13.83 14.00 15.00 16.23 17.03 19.13 20.20 20.70 26.71
10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
The information included in the above chart shows the net growth of revenues generated from
property taxes from fiscal year 2012 through 2023 for the General Fund and Debt Service Fund.
During this time, tax revenue increased due mainly to the growth of the City’s commercial
properties. In fiscal year 2012 the levy was about $12.43 million, including exemptions granted
by the City Council. The City offers a 20% homestead exemption equal to $35,000 per eligible
household. Council also approved a senior and disabled person tax freeze in fiscal year 2003-
2004. In fiscal year 2021-2022, the adopted tax rate is 0.625159, which is the same rate as the
previous year. For fiscal year 2022-2023, the approved rate is $0.614043, which is above the no-
new-revenue rate and equal to the voter approval rate. All tax rate adjustments must be
considered and approved by City Council.
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