The Homestead City Council members have decided to advertise a lower tax rate for the 2013-2014 budget year.
The city is looking at a tax rate of $5.9215 per $1,000 of taxable property, which is a decrease from last year’s rate of $6.2435 per $1,000 of taxable property.
The new budget year starts Oct. 1.
If the advertised rate becomes final, the owner of a $170,000 home would pay about $728, down from $749 this year. These figures assume the owner qualifies for the standard $50,000 homestead exemption, and that the home’s taxable value increased by 1.7 percent, the maximum allowed this year for an owner-occupied home.
The July 31 vote was unanimous. The council can lower the advertised rate during the budget season, but they can’t easily increase it.
The council will hold two public hearings on the budget: 5:30 p.m. on Sept. 11 and 5 p.m. on Sept. 25 at the William F. Dickinson Community Center.
The proposed tax rate and hearing dates will be included in a state-mandated letter known as a “TRIM Notice” that residents will receive in August, which lists proposed tax rates of the village, county, school board and other local agencies.
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