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The Board approved an up-to-five-year phase-in of the October 1, 2025 property revaluation by an 11-2 vote, with changes applied in 20% increments. Officials said residential property values rose about 41% on average, creating concern about sharp tax increases for homeowners.
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The phase-in is intended to spread the impact of the revaluation over several years instead of applying the full change immediately. The City must still raise the same total budget revenue, but the mill rate and individual tax bills will change over time; officials discussed a possible mill rate in the 23 range under a full revaluation versus the 28 range under a phase-in. The phase-in does not add interest, and the Board can later end it.
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