Taxable valuation for the City of Perry will increase by more than $4.5 million in the next fiscal year.
The first City Council budget work session of the year was held Tuesday. According to the report, the property tax system will decrease in fiscal year 2018 to include a 90 percent rollback for commercial and industrial properties. It is still unknown if the City will receive backfill from the state for these properties. There was also a small increase in the residential tax valuation rollback from 55.6 percent this fiscal year to 56.9 percent starting in July.
The levy rate will also decrease slightly in fiscal year 2018 to $17.81 per $1,000 of valuation, or down around 7.7 cents.
The second round of department head work sessions will take place next week and another City Council work session will be held February 16th or 17th. A public hearing will take place March 6th.