Quote:
Originally Posted by Tacopuck
Another thing for the city to consider this development will increase the property values of everyone in Sunalta and the surrounding communities - People get higher value for their homes - City gets to tax more based on higher property values.
|
The gross amount of property tax doesn't depend AT ALL on property values. The city decides the overall amount it's going to take, and sets the "mill rate" so that the (TAX REVENUE NEEDED = TOTAL PROPERTY VALUE x MILL RATE). The only thing affected by property values in a certain community is the portion of the overall tax revenue paid by owners in that community. Your property value increases by more than the average--you pay proportionally more. Less than the average--you pay proportionally less.