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Property Tax
<br />Property tax revenues, which include secured, unsecured, supplemental, delinquent
<br />property taxes, homeowners tax exempt, and the amount reimbursed by the State in
<br />exchange for the reduction in vehicle license fees, are the City's largest revenue source and
<br />are projected to increase by 4.1 percent in FY 2025/26 and by 3.8 percent in FY 2026/27.
<br />Table 3: Property Tax by Category
<br />$73,634,775
<br />$77,791,500
<br />$81,068,300
<br />4.2%
<br />$84,204,900
<br />3.9%
<br />$4,791,835
<br />$4,191,000
<br />$4,391,600
<br />4.8%
<br />$4,563,700
<br />3.9%
<br />$2,388,914
<br />$2,300,000
<br />$2,300,000
<br />0.0%
<br />$2,300,000
<br />0.0.0/0
<br />$333,118
<br />$290,000
<br />$300,000
<br />3.4%
<br />$300,000
<br />0.0%
<br />$255,793
<br />$260,000
<br />$260,000
<br />0.0%
<br />$260,000
<br />0.0.0/0
<br />$8,836,955
<br />$9,088,000
<br />$9,443,300
<br />3.9%
<br />$9,813,500
<br />3.9%
<br />$90,241,390
<br />$93,920,500
<br />$97,763,200
<br />4.1%
<br />$101,442,100
<br />3.8%
<br />Sales Tax
<br />Sales tax is expected to increase by 4.1 percent in FY 2025/26 and 2.8 percent in FY 2026/27.
<br />The increase is largely due to anticipated additional sales tax revenues from the new Costco
<br />store, which opened in November 2024. However, based on the sharing agreement with
<br />Costco, 40.0 percent of the sales tax revenue will be paid back to Costco for costs associated
<br />with traffic and street improvements in the Johnson Drive Economic Development Zone
<br />until the City's share of the cost is paid off.
<br />The budget reflects the full year of revenue from Costco starting in FY 2025/26. Sales tax
<br />revenues are projected at $26.0 million in FY 2025/26 and $26.7 million in FY 2026/27,
<br />increasing from $24.9 million in FY 2024/25. Sales tax is the City's second largest revenue
<br />source.
<br />Table 4: Sales Tax Revenue
<br />$23,963,541 $24,935,000 $25,964,700 4.1% $26,700,200 2.8%
<br />30
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