AzJournal.com ? Holbrook Property Tax Holds Steady

By Teri Walker?

When the Holbrook City Council initiated the 2012 budget process several months ago, council members expressed the desire to hold property taxes at the 2011 rate of 27.89 cents per $100 valuation, if possible.

Finance Director Randy Sullivan announced during a truth in taxation hearing last week that the property rate would remain the same, and City Ordinance 11-04 was unanimously adopted during Tuesday?s city council meeting, formalizing the 2012 tax rate.

Sullivan said the city?s primary property tax is estimated to garner $55,817 in revenue during the fiscal year, which ends June 30, 2012. The tax rate is levied against every $100 in assessed property value, resulting in a bill of $27.89 for a $100,000 property. The city does not have a secondary property tax.

Sullivan recently said, because property values have declined in Holbrook over the last year, the estimated tax revenue is expected to be less than the $58,250 the city collected last year.

After City Manager Ray Alley commented that the city?s assessment represents an ?extremely small? portion of what residents pay on their property taxes, Mayor Jeff Hill said, ?It may be a small amount, but it?s very important. It?s for the general fund. It?s a job. It?s an important part of our city budget.?

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Source: http://www.azjournal.com/2011/08/12/holbrook-property-tax-holds-steady/

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