City Council on Thursday set a tax rate of $1,340 per $100,000 of assessed property value and also approved a $30,000 homestead exemption, according to Jane Roh, spokeswoman for Council President Darrell Clarke.
Using those numbers, along with new property assessments received this year, property owners can now figure out what they’ll be paying in real estate taxes in 2014.
The vote to approve the new tax rate was 11-5.
A property owner who has received a homestead exemption can deduct $30,000 from its assessed value before figuring the tax. So, a home assessed at $130,000 that has a homestead exemption would face a tax bill of $1,340.