Property owners in Moscow could pay 25 percent more in taxes next year.
In a budget workshop this week, city council members and city administrators discussed a budget proposal that included the hike.
The increase would raise taxes on property owners from $4.49 per $1,000 of assessed property value to $5.63, an increase of about 25 percent. For homeowners in Moscow, who receive a state tax exemption for 50 percent of their property’s value up to $100,000, it means they would pay about $560 annually on a home valued at $200,000 – up from about $450 last year.
The largest chunk of the increase supports the retirement of a $10 million bond, approved by voters in May, to fund the construction of a new police station among other items. That bond will be paid over the course of 10 years at $1.1 million annually, and is representative of a 19-percent increase in property tax.
Administrators plan to make revisions and corrections based on suggestions from the meeting and release the proposal for public view and comment. A public hearing on the budget is scheduled for Aug. 5. (Spokesman Review)
