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Personal property tax could go up next year
We’ve mentioned this before, but tonight was the first time the city put out the numbers.
City staff are proposing that the council raise the car tax, otherwise known as the personal property tax on vehicles, from $2.99 per $100 of value to $3.40 per $100 to make up for a $28.9 million loss in vehicle assessed value.
We wrote before about similar moves in the surrounding counties.
There will be a public hearing before the council votes on this (not sure of the date yet), and the new rate would not take effect until the spring 2010 billing for this tax. If the city doesn’t raise the tax, it stands to lose $866,000 from that billing, which would impact its fiscal 2010 and 2011 budgets.
The $3.40 rate is meant to offset that loss overall, but for individual taxpayers, the impact will vary greatly, and it will depend on how much your car rose or fell in value.