For the second straight year, property taxes are going up in Glenwood despite a reduction in the city tax levy.
The city of Glenwood is lowering its tax levy from 14.53768 to 14.48186 for the 2010-2011 fiscal year, but an increase in the state rollback formula will result in an overall tax increase. For the owner of a home with an assessed value of $150,000, the increase in the state rollback, from 45.5893 percent to 46.9094, will result in an additional $24.84 in city taxes.
“It is a state-determined percentage and the city has no control over it or the amount determined as the assessed value,” Glenwood City Administrator Mary Smith said.
Smith also noted that even with the increase, Glenwood residents will still be paying less in city property taxes than they did in the 2003-2004, 2004-2005, 2005-2006 and 2006-2007 fiscal years.
Through the valuation formula, the city will receive an additional $14,118 in property taxes for its general fund. Those dollars, Smith said, have been earmarked for employee salary increases (25 cents per hour for regular full-time employees and 10 cents per hour for seasonal part-time employees).
“We gave what new money we had to employee salaries,” Smith said.
Over 20 percent of the city’s $4.9 million budget ($1,023,511) is designated for public safety. Public works is receiving $736,926; culture and recreation, $810,004; community and economic development, $407,165; general government, $344,282; debt service, $423,631; capital projects, $405,000; and transfers out, $706,741.