Reduces property taxes to lowest level in 15 years
The Beacon City Council on Monday (Nov. 18) adopted the city’s 2025 budget, a plan that includes $26.2 million in general fund spending, along with $5.4 million and $4.3 million for the sewer and water funds, respectively.
The budget reduces property tax rates to the lowest they have been in more than 15 years while staying $255,538 below the state’s tax cap. However, because housing assessments have more than doubled in the past decade, property owners’ tax bills could rise despite the rate decrease.
A $530,000 home is estimated to see its tax bill rise by about $85, or 2.9 percent. A $500,000 commercial property would pay $340, or 7.4 percent less. Water and sewer fees will increase by 3 percent each.
The property tax levy will be $13.25 million, or 3.8 percent higher than this year. New construction mitigates the impact by adding $37 million to city tax rolls.
The budget includes no funding for new full-time employees or programming. It eliminates the Community Investment Grant program, which received $20,000 for local projects and initiatives in each of the last four years.
Council members argued with City Administrator Chris White and Mayor Lee Kyriacou during their Nov. 12 workshop over affordability concerns before adding $75,000 to the budget for an improved communications plan and studies on affordable housing and accessibility to encourage non-vehicular transportation. Funding for the initiatives will come from savings.
