PORT ANGELES — The preliminary 2005 city budget shows a decrease in the city’s property tax rate from $3.80 per $1,000 of assessed valuation in 2004 to $3.58 next year.
The decrease would mean an annual savings of $31 for the owner of a $150,000 home.
The city’s projected property tax rate of $3.58 includes $2.93 for the regular levy and 65 cents for special levies approved by the voters. All rates are based on $1,000 of assessed valuation.
The property tax levy is projected to raise $3.4 million in 2005.
Increased property values and new construction are being credited for the decrease in the tax rate.
Special meeting today
The City Council will review the 2005 preliminary city budget at a special meeting set for 5 p.m. today in the council chambers at City Hall, 321 E. Fifth St.
A public hearing on the city’s proposed 2005 revenue sources, including the property tax rate, is set for Nov. 1 at 7 p.m. in the council chambers.
A public hearing on the proposed 2005 final budget is set for Nov. 16 at 7 p.m.
A second public hearing is set for Dec. 7 at 7 p.m. in City Hall.
Copies of the proposed budget will be available for in the City Clerk’s Office or the Finance Department, also at City Hall.
