Secondary New Funding Sources
DEDICATED PROPERTY TAX INCREASE
A property tax increase could be a source for additional General Obligation ( GO ) Bond financing to fund a range of mobility projects supporting the primary funding source of a dedicated sales tax .
Approving a property tax increase requires City Council approval .
Potential Property Tax Revenues
Rate Increase Annual Revenue * 30-Year Revenue Example Tax Increase ** 1 ¢ $ 14 million $ 420 million $ 21.48 2 ¢ $ 28 million $ 840 million $ 42.96 3 ¢ $ 42 million $ 1.26 billion $ 64.44 4 ¢ $ 57 million $ 1.71 billion $ 85.92
* Example Annual Property Tax Bill Increase : City portion calculated on the 2020 Median Home Value of $ 214k with a $ 2,072.82 / year property tax bill ( combined City / County )
66 HOW | The Funding Strategy