Property tax rate dips

The city recently set its property tax rates for fiscal 2012, subject to approval from the state Department of Revenue. The residential rate was established at $15.52 per $1,000 valuation, down from $15.89 per $1,000 in fiscal 2011. Under the rate, the owner of an average single-family home valued at $243,050 would pay $3,772.14 in fiscal 2012, according to city assessor Pam Davis. If the property qualified for a residential tax exemption because it was owner-occupied, the tax credit would be $824.69. In fiscal 2011, the owner of an average single-family home valued at $223,000 paid $3,543.47 in taxes, and if they qualified, would have received a residential exemption of $756.48. The fiscal 2012 commercial rate was set at $41.66 per $1,000, down from $43.74 per $1,000 in fiscal 2011. - John Laidler