The 2017 property tax levy for the city of Pacific is down slightly, but assessed valuations are up.
After a seven-year slump, assessed valuation of property in Pacific is estimated at $119.1 million in 2017, an increase of $6 million or 5.5 percent above last year.
That number brings total assessed valuation to only $2 million short of assessed valuation in 2010.
After a public hearing Wednesday, Aug. 30, aldermen set the 2017 tax rate at .4396 per $100 in assessed valuation, down about .4424 the previous year.
The tax rate is set subject to change, based on the state auditor’s approval. The rate is determined to produce revenues which the budget for the fiscal year beginning July 1, 2017, shows to be required from the property tax.
The tax rate is determined by dividing the amount of revenue by the current assessed valuation. The result is multiplied by 100 as the tax rate will be expressed in cents per $100 valuation.
The new rate is a decrease of less than 1 cent, per $100 assessed valuation.
However, increases in assessed valuation in the county were seen in both real property and personal property, which will result in higher tax bills on homes that were reassessed at a higher value.
Assessed valuation of real property increased by $4,425,718, projected at $96,234,524 for 2017. This is up from $91,808,806 in 2016.
Assessed valuation in personal property saw an increase of $ 2,650,906, for a total of $26,412,840 in 2017, up from $23,761,934 in 2016.
Assessed valuation in new construction saw a decrease of $ 2,593,037, totaling $1,247,607 in 2017, which was down from $3,840,644 in 2016.
Between 2010 and 2015 real property assessed value declined from $93.6 million to $86.4 million. Growth began the following year.
Real property assessed valuation rose to $89.6 million in 2016 and $93.7 million in 2017.
Personal property assessed value declined from $27.5 million in 2010 to $21.3 million in 2015. Growth began the following year as values then rose to $23.3 million in 2016 and $25.5 in 2017.
In 2010, total assessed valuation for the city was $121 million. Values declined each year for the next five years, reaching to $107.7 million in 2015, when a recovery began.
Total assessed valuation rose to $113 million in 2016 and $119 million in 2017.