Mayor Mike Moore today announced that the City of Jeffersonville’s property tax rate for 2018 is the lowest it has been in five years.
The rate of $1.68 per $100 of net assessed valuation marks the fifth year in a row where the city’s portion of the property tax rate has either remained the same or went down. The city tax rate was 1.77 in 2014.
“We’ve worked very hard to remain fiscally conservative and it’s paying-off,” said Moore. “We’re doing more without raising taxes. Our pro-growth agenda is creating more revenue to lessen the burden on the property taxpayer.”
Moore complimented his departments and the City Council for playing an important role in helping lower the tax rate.
“It’s a team effort. Everyone has done a tremendous job in making sure we are fiscally responsible and working to keep property taxes in check,” said Moore. He also noted that the lower tax rate was done while the city enjoyed record budget surpluses and experienced unprecedented growth and development.
The city tax rate represents only a portion of a property owner’s tax bill. Each local unit of government adopts a tax rate, which ultimately is approved by the Indiana Department of Local Government Finance. Other local tax rates are adopted by the township, county, library, and school corporations – each impacting how much is ultimately owed in property taxes.
The property tax bill is calculated by multiplying the assessed value of your property after deductions by the total local tax rate. Therefore, a lower city property tax rate may not automatically translate into a lower property tax rate.
“The city can only control our budget and our portion of the tax rate,” said Moore. “But it’s clear we’re doing our fair share of the work in making sure property taxes aren’t raised.”