The pace of new construction and continued strength of the real estate market will generate nearly $112 million more in property taxes at the current tax rate, marking the second straight year of such big increases for City Hall.
The prospect of rising tax revenue will give Mayor-elect Donna Deegan and the new City Council a comfortable financial cushion when they take office July 1 and head into the budget-writing season.
Deegan said Thursday that she plans to keep the current property tax rate for the 2023-24 budget that she will propose to City Council in July. She ran on a pledge to improve the city's infrastructure by doing work on roads, sidewalks, drainage, septic tank phaseouts and similar projects that often carry large price tags. The growth in taxable property values would help finance them.
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