Background/Summary:
During the FY 2018 budget deliberations, it was recommended the City’s overall property tax rate be established at $1.44 per $100 of assessed valuation. The primary property tax rate is recommended to be set to $.1900 per $100 of assessed valuation, with the secondary tax rate at $1.25 per $100 of assessed valuation.
Given the proposed rate, the primary property tax levy is expected to generate $2,546,357 in the next fiscal year. This represents a net increase of 7.7% from the FY2017 levy. New development within the City limits will bring in $68,662 of this total.
The City’s secondary property tax rate is used to retire outstanding debt on City-issued general obligation bonds. The City’s secondary tax rate is scheduled to remain at $1.2500 per $100 of assessed valuation.This will generate a secondary tax levy of $16,752,346 and represents a net increase of 7.7% from the FY2017 levy.
In compliance with Section 42-17104 and 42-17107, Arizona Revised Statutes, the City of Peoria notified property taxpayers through a press release and advertisements placed in The Peoria Times on April 28, 2017 and in the Daily News-Sun on May 6, 2017 of our intention to set the City’s primary property tax levy. The statute also requires a public hearing regarding the proposed levy. The hearing must take place at least fourteen days prior to the adoption of the tax levy ordinance. The final adoption of the property tax levy is scheduled for June 13, 2017.