Quote:
Originally Posted by calculoso
Assuming you're saying the tax rate has to increase by 5.5%, this is wayyy too simplistic. It implies that the population growth does not pay any taxes. If the population growth is 2.5% and as a result property tax revenue also increases by 2.5%, then the % to be charged doesn't need to change.
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When the City says the "property tax increase is 5.5%" - what that actually is indicating is how much more revenue the City is taking in from property taxes over the year before - not the individual's increase. So if there's a 2.5% increase in population - you have 2.5% more people paying into a 5.5% increase in revenue.