Hastings city officials are eyeing an increase in property tax revenue from 2023-2024, however, they do not see the need to increase in property tax levy rate to make more money.

Hastings City is Proposing An Increase in Property Tax Revenue; Decline in Property Tax Levy Rate Hike. (Photo: Silicon Prairie News)

Hastings City Officials’ Proposed Budget Meeting

According to a report from Hastings Tribune, last Monday, August 14, Hastings City officials presented an overview of the proposed budgets for property tax revenue increase in Hasting Utilities. The Hastings City officials highlighted three key funds for the fiscal year 2023-2024 including the general fund, museum fund, and debt service fund. The proposed budget will once again have a rigorous discussion on August 21. If pushed through and finalized, the budget will take effect on October 1. The Hastings City’s assessor’s office is yet to release a total assessed valuation for the current year to the Hasting City officials on August 20.

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Hastings City Officials’ Proposed Budget Breakdown

According to Hastings City officials, modification to the property tax levy rate was unnecessary because Hastings City’s total assessed valuation for the current year was seen to increase substantially. For this year, the property tax levy rate was capped at 42.43 cents per $100 taxable assessed valuation.

Data hauled and compiled from Hastings Tribune.

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