Ashley Brown, the City Assessor, provided an overview of assessed property values, noting a general increase across classes due to market conditions. The assessed values for single-family homes rose by approximately 6-10%, while commercial properties saw an increase around 7%. Despite these increases, the city’s levy for FY 25 remains about $10 million below the allowable amount.

The Chamber of Commerce representative highlighted that a 1.61 shift would mean residents pay a tax rate of $15.68 per thousand, while commercial owners would pay $29.10 per thousand, nearly double the residential rate. This shift was argued to be fair, as it would result in a modest increase of about $15.15 per month for residents, while easing the tax burden on businesses. The representative emphasized the broader economic benefits of supporting local businesses, including low unemployment and a thriving downtown area.

Questions from the council addressed the implications of the proposed shift and the existing $10,000 personal property exemption, which affects a majority of small business accounts by exempting them from receiving a tax bill. The city maintains about 1,600 accounts, with only 338 exceeding this threshold and thus subject to property tax.