Mayor Roxann Wedegartner announces the Greenfield Real Estate Property Tax Rate will drop by 90 cents for FY2022. Through the annual tax classification process leaders have determined a tax rate of $22.32 per thousand, down from $23.22 per thousand in FY2021. This is the largest Real Estate Property Tax Rate decrease in over ten years.
Roughly 75% of Greenfield real estate is Residential Property. The new rate will be reflected on the 3rd and 4th quarter bill taxpayers receive in 2022.
"The drop in the tax rate of nearly a dollar is reflective of many things: the boom in our real estate market over the last two years, the increase in property values through our mandated residential and commercial revaluation, and a surprising and welcome steady increase in revenue coming into the city through new growth and other increased revenue. It comes at the end of the second year of pandemic-related economic challenges for everyone. We should all take a moment of pride in our City's perseverance and resilience during extremely challenging economic times, and appreciate the dedicated commitment of our employees to do what was asked of them to hold the line on expenses in the face of financial uncertainty; the exceptional financial management from the Finance Department under the guidance of Finance Director, Liz Gilman; and our local industries and businesses for their continued commitment to Greenfield."
Mayor Wedegartner continued, "While I'm pleased with this news, I don't anticipate a significant lowering of our tax bills. Higher valuation of our property can result in slightly higher tax bills. It's the way the math works."
For more information on the Tax Rate and the Municipal Budget process go to the Municipal Budget 101 page here.