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Property Tax Revenue



Property Tax Revenue

If you own real estate or personal property, you pay property taxes.  If you pay rent, your landlord pays the taxes.  The higher the value of the property and improvements, the higher the amount of taxes.  Government, religious, and non-profit properties are exempt and do not pay property taxes.

Through FY 2013, the revenue from property taxes has been distributed between three funds. Beginning in FY 2014, this revenue source is distributed only between the General Fund and Special Business District Fund.

  • General property tax revenue is deposited into the City's General Fund and is spent on general operating needs for Government Administration, Finance, Information Technology, Police, Fire, Planning & Development, Parks & Recreation and Public Works.
  • Special Business District property taxes are levied for economic development programs and allocated to the Special Business District Fund.  Revenue from the Special Business District has been instrumental in promoting the City's business district through marketing, advertising, and the attraction and retention of businesses.  It is not an additional tax, but rather a portion of the regular property tax that has been dedicated to these efforts by the Mayor and Board of Aldermen.
  • Through FY 2013, current property taxes that were deposited to the 2009 General Obligation Bond Issue Debt Service Fund were for the repayment of a General Obligation debt issuance from 1993/1994 which funded improvements to parks, streets and the Downtown area. General Obligation Debt property taxes are authorized by voters and can only be used to pay for bond debt service. This tax levy ended when the debt was paid off in FY 2013.  Beginning in FY 2014, collection begins on a 2009 Special Obligation Bond which provides a similar amount of taxes to fund the new police building. This revenue is deposited into the General Fund.

About 93% of property tax revenue is attributable to the General Fund, with the Special Business District receiving 7% of total tax receipts.