November 5, 2014

City Budget Calls for Lower Tax Rate, Increases Revenue

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Mayor Svante Myrick’s ’09 proposed 2015 Ithaca City budget will reduce tax rates while slightly increasing overall tax revenue — a result of the increase in city property values since last year.

The budget has increased by 3.89 percent, but the median tax bill on the median home value of $190,000 is expected to decrease by $53. This decrease occurred because the taxable value of property has increased by 39.8 percent, bringing in more revenue in property taxes to the city.

Ithacans meet in City Hall Wednesday to discuss the city’s budget for the coming year. Connor Archard / Sun Sports Photography Editor