All city real estate tax bills were mailed in mid-August.  The 2023 (fiscal year 2024) tax bills include a 10.8% increase over the 2022 (fiscal year 2023) tax rate.  8.8% of the tax increase (or $0.04325) will be used to make debt payments on the first of two loans used to fund the new police building.  The police building and the related tax increases were approved by residents in a January 2021 referendum.  A similar tax increase will also occur next September when payments of the second loan come due.  The remaining 2.0% of the tax increase will be used reduce the city’s reliance on Realty Transfer Taxes (RTT).  Due to the unreliability and fluctuation of RTT income, Council voted to increase the tax assessment $0.01 each year for five years to make up for the RTT loss to the operating budget.  This year’s adjustment is the third of five planned adjustments.  Questions can be directed to Customer Service at 302.422.6616.