BV Council Equalizes Tax Rate

Holding a virtual special meeting last Thursday, July 23, Buena Vista City Council voted 6-1 to equalize the city’s real estate tax rate at $1.27 per $100 assessed value.

This rate, retroactive to July 1, will be reflected in the December tax bills. Commissioner of Revenue MarVita Flint needed to know what the rate would be so she can send the information to the printer of the tax bills.

The rate represents a 2-cent decrease from the $1.29 rate Council set back in May when it adopted a budget. That was an 8-cent increase over last year’s tax rate of $1.21. Recently completed reassessments pushed property values up by about 2.5 percent, putting the equalized rate at $1.266, which Council rounded up to $1.27.

The lone dissenter in setting a $1.27 rate was Melvin Henson, who wanted to leave the rate at $1.29. An additional 2 cents on the tax rate would have generated approximately $70,000.

In order to have left the tax rate at $1.29, which would have in essence been a tax increase, Council would have had to advertise the rate and hold a public hearing on it. Since Council chose to equalize the rate, it didn’t have to go through those procedures.