Pacific’s Board of Aldermen approved the city’s 2018 property tax levy for the city, which is up slightly over last year’s rate.
Assessed valuation of property in Pacific is estimated at $121.2 million in 2018, an increase of roughly $2 million.
City officials said that increase is the highest since 2010 and up approximately 13 percent since the low of 2015, when the valuation was at $107 million.
The trend appears to be strong, according to Mayor Steve Myers. He said the hope would be for continued gains in 2019, which is a reassessment year.
After a public hearing Wednesday, Aug. 15, aldermen set the 2018 tax rate at .4420 per $100 in assessed valuation, slightly more than last year’s $.4400 rate from 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, 2018, 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 an increase of less than 1 cent, per $100 assessed valuation. It is expected to generate approximately $535,000 in revenue.
Increases in assessed valuation in the county were seen in real estate, personal property, new construction and newly added territories.
Assessed valuation of real property increased by $746,929, projected at $96,864,023 for 2018. This is up from $96,117,094 in 2017.
Assessed valuation in personal property saw an increase of $2,775,929, for a total of $28,893,266 in 2018, up from $26,415,720 in 2017.
Assessed valuation in new construction saw an increase of $43,803, totaling $1,291,410 in 2018, which was up from $1,247,607 in 2017.
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 valuation 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 million 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.