Meeting Transcript

I used to play Tennessee. This is a special meeting of the common council of the town of Payson, July ninth, two thousand twenty-five. This is a call to order. Public hearing regarding ordinance number 971 levying upon the assessed valuation of the property within the town of Payson, subject to taxation, a certain sum upon each 100% of assessed valuation, sufficient to raise the amount estimated to be required in the annual budget, less the amount estimated to be received from other sources of revenue and provided funds for general municipal expenditure for the fiscal year ending June 30th, 2026, and providing for immediate operation and effect of this ordinance. Thank you, Mayor. Council members, Dana O'Henasion Finance. Today we have resolution or ordinance 971 before you on our property tax levy for fiscal year 2025-26. Here is the uh the uh levy uh limit worksheet from the county uh heela county uh assessor, and if I can I'll point you how this calculated. Um if you look down on C4, you'll see uh 252 million dollars is the assessed value, total assessed value. Um, and then based on that, it comes up with a maximum levy amount of nine hundred and sixty-four thousand dollars. Um based on that, our truth in taxation rate is 0.2855, and these are calculations from the county assessor at the mark March 4th work session. Council directed staff to set the levy at the maximum rate without requiring a truth in taxation notice, therefore ordinance 971 uh setting the fiscal year 2025-26 property tax rate at 0.2855 per 100,000 of assessed value based on that based on the maximum levy of 964 uh and that rate of 0.2855. The town the town uh anticipates collecting about 720,000 dollars in property tax property tax rate is going down from 0.2992 in 2425 to 0.2855 in 2526 property tax levy amount um for 2526 will generate an estimated 720,000 dollars. Um the next step will be to hold a public hearing for the ordinance uh 971 and then after that adopt ordinance 971 property tax levy for 2526. Now I did hear some um questions about um why the tax rate, even though it's going down, why that there is some increase in the property tax revenue that we'll receive, we'll receive about three thousand dollars more in property tax revenue. Um but that's based on the following information. Here, if you look, you see the the total assessed value for next year is 252 million dollars. Last year, the property tax, the assessed total assessed value was only 239, basically 240 million dollars. So there's 12 million dollars in additional assessed value. So even though the rate went down, because of the additional assessed value, um, we'll get about three thousand dollars more, and then that assessed value goes up every year as properties are sold, they're usually sold for more than what they were purchased for, and also there's new construction every year. There's new construction that also gets added to the uh total assessed value. So that's where you have an increased assessed value for the following year, and even though the rate is a little bit lower, um, the amount that we collect is a little bit higher. So if there's any questions on that, I can hopefully answer. Also, we need to remember that the town only gets about four percent of the total property tax collected. So there's any questions I can answer that. If not, um we can hold the public hearing for ordinance 971. Okay, all right. Any questions from council? Any questions from pretty straightforward? Are there any comments on Zoom? Do we have to open the public hearing? It was already okay. Okay, got it. Any comments from council? Close the public hearing. Is there any council discussion now? No. Hearing none. Uh I asked for a motion and a second regarding ordinance nine seventy one. I'll make a motion to uh approve ordinance nine seventy-one. Sorry. I got it well. It's okay. We forget how easily we forget. Resolution nine seventy one passes. Oh man. I want them all that easy. This would have been fills up. Because um social media. I know.