GRANITE SHOALS — Residents could see a slightly lower city property tax bill in the coming year after the City Council shaved less than a penny off the current amount.
The council will hold public hearings before final approval, but the new rate could bring in as much as $300,000 for a "bare-bones" balanced budget that doesn’t offer any employee raises, officials said.
Officials are eyeing a 46 cents per $100 valuation for the 2012-2013 fiscal year budget, compared to the previous 46.20 cents per $100 valuation. The cut could save the owner of a $100,000 home about $2.
A property owner’s final tax bill will depend on the home’s value, which can fluctuate.
Officials reviewed the proposed tax rate and proposed budget Aug. 14.
"It is a bare-bones budget," City Manager Judy Miller said.
The $5.7 million budget is balanced, said Assistant City Manager/Director of Finance Ken Nickels. The figure is an increase over the 2011-2012 budget of $5.3 million.
The city is paying off more debt, but there will be a rise in the maintenance and operation portion to provide for a better retirement plan for employees.
"We have no raises in here right now," Nickels said. "We’ve only had one raise in four years. But I spoke with many (employees) and they preferred getting the retirement plan stronger."
Two more public hearings are set for 6 p.m. Aug. 28 and Sept. 4 at City Hall, 2221 N. Phillips Ranch Road.
For more on this story, pick up a copy of the Aug. 18-19 River Cities Sunday Tribune