Homestead City Council members on Wednesday approved the 2012-2013 budget and a slightly lower tax rate.
The budget, which goes into effect Oct. 1, preserves city services and jobs and doesnt touch reserves.
Council members approved a tax rate of $6.24 per thousand dollars of taxable property. Thats compared to a rate of $6.29 per taxable property in the current fiscal year. Under the new rate, the owner of a median home assessed at $77,500 and taking the standard homestead exemption would pay $172 in property tax to the city.
Whether a particular homeowner pays more or less tax will depend on whether their homes taxable value has increased. Since the tax cut is less than 1 percent, a homeowner whose property value goes up by 3 percent actually would pay a little more in tax to the city.
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