The Special Finance Committee approved the following (see the report and video):
Fiscal Year 2026 (FY26) Property Tax Levy distribution percentages (7-0)
“Single-family and two-family homes make up almost 80%; all residential properties make up 92%; and commercial, industrial, and personal businesses make up about 7.7%” in FY26.
“Median sale prices have been rising every year from 2016 to 2025, equaling a 65-70%
increase from 2016 to now.”
For calendar year 2024, “almost 90% of single-family homes sold for more than $1,000,000.” The lowest was $443,000, the highest $9,000,000.
The City recommended and the Committee approved a “175% shift, the Commercial, Industrial, and Personal Property Classes (CIP), which account for 7.77% of the total property value in the City, would then pay 13.60% of the overall tax levy approved by the City Council. The Residential Property class, which accounts for 92.23% of the total property value in the City, would then pay 86.40% of the overall tax levy approved by the City Council.” This would create a residential tax rate of $9.69 and a commercial tax rate of $18.06.
Present: Councilors Gentile (Chair), Malakie, Greenberg, Bixby, Lipof, Humphrey, and Grossman
Absent: Councilor Micley
Also present: Councilors Leary, Lucas, Krintzman, Oliver, Albright, Downs, Kalis, Lobovits, Laredo, Kelley and Baker, Councilors-Elect Silber and Roche, Jim Shaughnessy, Director of Assessment Administration
