Budget season is here for the borough assembly, which will hold a public hearing on the budget at 6 p.m. today at city hall. The new fiscal year starts July 1.
The assembly already has set the property tax rate for next year. The workshop, and final assembly action on the budget at its meeting next Tuesday, will mostly deal with spending plans for the year.
The assembly June 8 set next year’s property tax levy at the same rate as this year, which is 12.75 mills, or $1,275 on $100,000 in property value in the borough’s service area. Property outside the service area, such as Meyers Chuck, Union Bay, Olive Cove, Thoms Place and some lots out the Spur Road, are assessed at one-third the rate, or 4 mills.
The assessed value of property in the borough totaled almost $178 million this year, a substantial gain over $159 million last year, mostly attributed to completion of the new hospital. The borough expects to receive about $2 million in property tax receipts next year.
In a workshop June 8, Borough Manager Lisa Von Bargen reported that borough revenues are estimated at about $6 million for the next fiscal year. Most revenue streams that will be covered in this evening’s workshop are expected to hold steady, or show minor increases.
Despite the struggles of the COVID-19 pandemic, sales tax revenues this year have been better than expected for Wrangell, thanks in part to the growing collection of taxes from online sales and local spending as federal aid payments were sent to individuals.
Reader Comments(0)