Property taxes in the city: Change coming?
Dixon spokesman Sterling Clifford said the report has several scenarios for "reconfiguring the tax structure" -- not just property taxes but also income taxes and fees, because the goal is to change the property tax rate "and still continue to provide enough revenue for the operation of city government," he said.
Back in February, when Dixon announced that she would form the committee, this is what we reported:
She said she favors "substantial reduction" to the property tax rate and a change in the way the state values properties - she thinks commercial sites are underassessed - but she cautioned that major change shouldn't come immediately.
Every one-cent reduction in the property tax means the city forgoes nearly $2.4 million in revenue, according to Raymond S. Wacks, the city's budget director.
"Cutting it by 50 cents would be a major disaster for the city at this point, but you've got to put something in place to begin to change the structure," Dixon said.