“Annual municipal property tax increase equal to or less than the Municipal Price Index (MPI)” is a target to keep annual property tax increases less than the annual inflation rate for city costs. The target measures success in controlling costs.
How are we doing?
Through the City's approved 2020/2021 Multi-Year Business Plan and Budget, the municipal property tax was finalized at 3.70% for 2020 (the lowest municipal increase in 10 years) and 3.87% for 2021. In 2020, 1% of the property tax is equivalent to $2.45 million, and $2.56 million in 2021.