The Tucson City Council signed off on new property tax rates for the coming fiscal year.
The primary property tax rate, used for the city's general fund expenses, is about 46 cents per $100 valuation, roughly lower by about 8 cents per $100 valuation when compared to last year.
In terms of the secondary property tax rate, which is used to pay off general obligation bond debt, the council set it at 98 cents for each $100 of valuation, down by about nearly 9 cents per $100 from last year's figure.Β
The combined taxes for the 2017-2018 fiscal year will be $1.43 per $100 of valuation. That's a decrease of about 17 cents per $100 valuation, officials noted.Β
The lower rate should provide relief to property owners receiving higher appraisal values, while also providing revenue necessary to continue funding city programs and services.
However, not all city residents will see a decrease in their overall tax bill due to higher appraisal values and other taxing entities may have adopted a rate increase.
