Follow-Up to Budget Workshop - Tax Bill Projections
BACKGROUND
At the second Council workshop for the 2025 budget, the Council requested that Finance put together some examples of potential tax rates for houses within Oshkosh. The Council did not feel comfortable providing direction to staff as to what they would consider for a levy increase for the 2025 budget without understanding the impact on residents, considering the revaluation that occurred during 2024.
ANALYSIS
The Finance department has put together some projections as shown on the attachment; however, these projections are still subject to change. The attachment is a sampling of actual properties of varying values. The impact on projected tax bills varies due to a variety of factors, including the shift in property values from commercial to residential, but also depends on other factors, such as when a property was purchased. Staff will be able to discuss some of these differences at Tuesday's meeting.
We have not yet received all required information from the State in order to calculate a true tax bill. As we discussed during the budget workshop, this is just a projection for the City portion of the tax bill.
RECOMMENDATION
Provide guidance to Finance and the City Manager on what the Council feels comfortable with for the 2025 budget.
Attachments
Funding Base Budget Assumptions
Tax Rate Analysis with Revaluation
2024 09 10 Additional Documents for Council Meeting
