ITEM TITLE:
#25-02 - Amending Title 3 Property Taxes, Chapter 3.12, Section 3.12.040 Titled Additional Exemptions. First Reading. Public Hearing.
SUBMITTED BY: Sheri Pierce, MMC, City Clerk/Jake Staser, City Attorney
FISCAL NOTES:
Expenditure Required: Click here to enter text.
Unencumbered Balance: Click here to enter text.
Funding Source: Click here to enter text.
RECOMMENDATION:
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SUMMARY STATEMENT:
The city council may by ordinance annually adjust the primary residential tax exemption set forth in Section 3.12.040 of the Valdez Municipal Code by the amount calculated by the State Assessor to reflect the increase, if any, in the annual average cost of living, using the U.S. Department of Labor CPI-U for Anchorage. The State Assessor calculates the rate of inflation at 2.24%, thereby increasing the exemption to $77,862.00.