TAX NEWS - June 2010

No increase suggested for Sierra Vista city property tax

SIERRA VISTA — Staff recommends that the City of Sierra Vista's property tax rate remain the same next fiscal year, though it will not be up for final adoption by the City Council until August.

Given the economy, city staff did not want to raise the city's property tax rate, and the maximum allowed increase would have little impact anyway, Finance Manager David Felix said. 

The city's property tax rate would remain at $0.1139 per $100 in assessed valuation next fiscal year, starting July 1. For a home assessed at $100,000, for example, the property owner would pay $11.39 over one year.

The total revenue generated from this tax will increase anyway due to higher property values in the city and new construction, a city news release said. The rise in the assessed value of city properties would increase the city's revenue by $8,498, while taxes collected from new construction would increase the revenue by $13,578.

The total property tax revenue is about $393,358 for next year.

There was an error in the Truth in Taxation notice that the city recently published in the Herald/Review, so a corrected notice will have to appear twice before a public hearing addressing the tax rate is held, Felix said.

The city staff tentatively plans to schedule the public hearing for the council meeting at 5 p.m. July 8 in the council chambers at City Hall, 1011 N. Coronado Drive.

FINAL VOTE

The tax rate will be up for final adoption during the Aug. 12 City Council meeting. The council will meet that day at 5 p.m. in the council chambers at City Hall.