The Elicker Administration has published an online calculator that estimates how much each local property owner would owe in real estate taxes under the mayor’s proposed budget plan.
That real estate property tax calculator is now live on the city assessor’s webpage.
Click here to access the online tool.
The calculator allows one to enter a local street address, and then find out how much that property would be on the hook for under a plan included in Mayor Justin Elicker’s proposed $633 million general fund budget for Fiscal Year 2022 – 23 (FY23).
That property tax plan includes two main parts.
First, the mayor has proposed phasing in the city’s new revaluation property values in equal increments over the next five years. That would mean that the impact of the full 32.6 percent spike to the taxable grand list — including a 36.5 percent increase to the real estate portion of that list — would be spread out over time.
Second, the mayor has proposed slightly lowering the mill rate from 43.88 to 42.75, or by 2.58 percent.
During his March 1 unveiling of the proposed FY23 budget, Elicker promised to make available on online tool that would make it easy to understand each property’s local tax liability under his phase-in/mill-rate-shave plan. Nearly two months later, it hadn’t appeared. Last week the Independent asked the city’s spokesperson for an update on this calculator, and the Elicker Administration subsequently published the online tool.
In addition to showing how much a property would owe in taxes under the phase in and 42.75 mill rate, the online calculator shows that property’s current tax burden at the 2020 valuation and 43.88 mill rate, what that property would owe if the reval was adopted all at once and if the mill rate was 36.00.
It includes a caveat that the calculator does not account for properties that currently have tax assessment deferral agreements in place. The webpage says that tax liabilities for those properties “are still being re-calculated individually.”
Click here, here to here read more about the debate around the mayor’s reval phase-in/mill-rate-shave plan.
The Board of Alders Finance Committee recently hosted its final public hearing on the mayor’s proposed budget. It is next slated to deliberate on the proposed budget during a meeting at City Hall on May 12. The alders will then likely take a final vote on an amended version of the budget by late May or early June before it goes into effect on July 1.