RENO — Reno property owners can expect a tax rate of 49 cents per $100 valuation following Monday action by City Council.
Council opened a public hearing on the tax rate, but no one from the public was in attendance to speak. Two council members attended the meeting and hearing by speakerphone.
The approved property tax rate is down slightly from the voter-approved rate of 49.08 cents per $100, which would have brought the city the maximum amount of additional revenue over last year’s revenue allowed by state law. Under state law, taxing entities can raise only 3.5% more in revenue than the previous fiscal year. Rising property valuations continue to drive down property tax rates, but because values are higher, property owners will pay more in property taxes. Any property tax rate that would generate more than the 3.5% revenue increase would go before voters for approval.
In other business, the council unanimously approved: the adoption of Ordinance 339 to approve the city’s budget for fiscal year 2021-22; the adoption of Ordinance 441 to levy ad valorem taxes; the adoption of a resolution calling all city General Obligation Bonds, Series 2002, for redemption prior to maturity; and spending $3,718 for Patriot 3 ballistic shields for each of the Reno Police Department’s police cars.