The City is holding a tax rate hearing on Friday, August 30 at 8:30 AM. Adoption of this levy results in a $0.0171 (1.45 percent) decrease in the total City tax levy. This decrease was driven by the fact that assessed values increased by a higher percentage than allowed by the State Tax Commission. Anytime that assessed values increase by a rate that exceeds the inflation rate used by the State Tax Commission, property tax rates decrease and anytime that assessed values decrease or increase at a rate lower that the inflation rate used by the State Tax Commission rates increase. This year assessed values on real estate increased by 9.73 percent and assessed values on personal property decreased by 10.9 percent, culminating in a total increase of 4.2 percent.