Budget includes rate drop of more than $1
By Jason Arndt
Editor
When City of Burlington property owners open their next tax bill, they will see a drop in their municipal tax rate as part of the 2019 adopted budget, which passed unanimously at Tuesday’s Common Council meeting.
Compared to last year, when the Common Council approved a tax rate of $9.89 per $1,000 of assessed property value, the 2019 tax rate decreased $1.33 to give taxpayers a rate of $8.56.
According to Finance Director Steve DeQuaker, a rise in property values and the closure of two tax incremental financing districts were the main driving forces behind the drop in tax rate.
Although the tax rate fell, other areas, like the general fund debt levy and operations levy will increase.
The general fund levy increased from $874,469 in 2018 to $1.28 million entering next year.
DeQuaker said it is a planned increase, considering the city closed both TID districts, and reflects all general obligation principal and interest debt payments, excluding leases.
Debt payments include funds earmarked to finance the Burlington Community Aquatic Center.
Meanwhile, the operations levy increased to $6.67 million, compared to 2018, when the figure was $5.89 million.
Rise in property values
Overall, in the City of Burlington, property values increased 5.2 percent, with the average residential home rising to $196,000 from $186,300.
The 5.2 percent increase takes into account recent home sales.
Commercial properties, meanwhile, increased about 15 percent, according to DeQuaker.
To read the entire story see the Nov. 22 edition of the Burlington Standard Press.
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