Title
Adoption of Property Tax Levy for 2024-25 Fiscal Year (Ordinance S-51149)
Description
An ordinance levying separate amounts to be raised for primary and secondary property tax levies upon each one hundred dollars ($100.00) of the assessed valuation of the property subject to taxation within the City of Phoenix for the fiscal year ending June 30, 2025.
Report
Summary
The ordinance (Attachment A) provides for a primary property tax rate resulting in a levy of $217,597,043 (a General Fund revenue source) equating to a rate of $1.2658 per $100 of assessed valuation, including $0.08 for maintenance of parks and playgrounds and $0.2658 for the operation and maintenance of libraries; and an estimated secondary property tax levy of $139,947,664 (used only for debt service) equating to a rate of $0.8141 per $100 of assessed valuation. The total rate of $2.0799 is lower than the total 2023-24 rate of $2.0992.
Concurrence/Previous Council Action
The proposed 2024-24 property tax levy reflects actions taken by the Council on the budget at the May 21, 2024 Policy meeting, at the May 29, 2024 Formal meeting to adopt the tentative 2024-25 budget, and at the June 12, 2024 Formal meeting to adopt the final 2024-25 budget. At the June 12, 2024 Formal meeting, a public hearing on the proposed primary property tax levy was held in accordance with statutory truth-in-taxation requirements.
Department
Responsible Department
This item is submitted by City Manager Jeffrey Barton and the Budget and Research Department.