Gainesville Sun article by Christopher Curry, Staff writer
In an early round of planning for next year’s budget, Gainesville city commissioners expressed support Monday for maintaining property tax revenues at the current year’s level.
If property values decline as expected – the projection Monday was by around approximately 3 percent – the property tax rate would have to increase to bring in the same amount of money.
During the current fiscal year, the city’s tax rate is approximately 4.25 mills – about $4.25 for every $1,000 of taxable value – with budgeted revenues of approximately $22.2 million.
City Manager Russ Blackburn said maintaining that rate would likely lead to a $700,000 decline in revenue.