The City of Prescott will be holding their public hearing for the 2024 Budget approval on Monday, November 13, at 6:00 p.m. in the Council Chambers. This year the City of Prescott is proposing a levy of $2,625,445, which is an increase of 2.49% from last year. The major reasons for the increase are wage increases for 2024, continued fuel price increases, technology upgrades to the Police contractual services, addition of a new Public Works employee, increase of Fire escrow for future capital truck purchases, return of Parks upkeep funds to original levels, and an increase in capital levy for 2024 projects. What impact will that have on the City portion of your taxes and where do those City funds go?
The City portion of your taxes is about 30% of your total property tax payment and provides a range of services. Below you will see costs based on a $325,000 home, which was the average assessed value of a Prescott home for 2023. A home that is assessed at $325,000 would pay approximately $1,600 for its 2024 City-provided services. These figures are based on department budgets and net property tax levy. In terms on the overall affect on your property taxes that will be based on your current assessed value. The proposed mill rate will drop to $4.92/$1,000, however this is a result of assessed valuations on average increasing by 68% in the City of Prescott. With assessed valuations varying throughout the community the easiest way to figure out your new City portion of taxes is to take your new assessed value and times it by the current proposed mill rate of .004923724. Below you will also find some examples of the affects on various assessed values in the City.
What Do My City Taxes Pay For?
City Services Received | Cost Per Year |
Police | $560 |
General Government/Administration
(Includes Mayor, City Council, City Attorney Fees, Assessor Fees, Elections, Finance, Building Permits, Human Resources, IT, and Court) | $270 |
Debt Service
(Majority used for Public Works and Street projects) | $161 |
Public Works*
(Includes Street Maintenance, Street Cleaning, Snow Removal, Street Painting, and Engineering) | $147 |
Capital Projects
(2024 one time needs, Office Copier, Police Radios, Police Squad Car, Street Sweeper, Improvements to Magee Park, Compost Site Improvements) | $140 |
Parks and Recreation | $99 |
Fire & EMS | $93 |
Prescott Public Library | $79 |
Other Financing
(Transfer funds to water for forgiven Tax) | $26 |
Contingency Funds | $19 |
Community Development/Zoning | $3 |
Health and Human Services | $3 |
Total | $1600 |
*A significant portion of our Public Works budget is paid for by Water and Sewer Utility Revenue
Examples of Mill Rate on Various Property's in the City of Prescott
2024 Preliminary Budget
