Woodbury's city budget for 2019 proposes a $31 increase in city taxes on the median value home next year. The tax impacts of the proposed budget, as well as the programs and services supported by it, were reviewed during the Dec. 12 Council meeting.
The proposed total levy of $35,908,683 supports the cost of services and capital improvements in a growing community.
Taxable market value
Woodbury's taxable market value grew by 7.8 percent from 2018 with the median value home increasing 5.4 percent.
City taxes on a residential home valued at $312,600 (the median value for taxes payable in 2019) will increase from $1,006 to $1,037 (3.1 percent). See the table below for the estimated city tax change on homes with higher and lower values than the median.
|Estimated market value||2018 city tax||Estimated 2019 tax*||Increase|
*Estimates assume home values increased 5.4 percent
**Median home value as of Jan. 1, 2018
Market values do not increase or decrease by the same percentage for all properties. Therefore, the estimated city tax may differ for some, particularly if there have been improvements that add value, such as refinishing a basement or adding a three-season porch. Similarly, a larger decrease in value could cause a larger decrease in taxes.
General Fund budget
Property taxes help fund the General Fund, Capital Improvement Fund, Emergency Medical Services Fund, Street Reconstruction/Maintenance Fund, Debt Service Funds, and Housing and Redevelopment Authority Fund.
For 2019, the General Fund budget, which is the city's main operating fund, is recommended to be $35,685,750, representing a 4.7 percent increase from 2018. The areas of new significant budget change compared to the current year are the cost of city services and new personnel.
Property taxes at $25.3 million account for 70 percent of the General Fund revenues. Other sources of revenue include permit fees from new home and business construction, charges for various services, miscellaneous revenues, and transfers from other funds.
Total city expenditures for 2019 are estimated at $87 million, a 5.0 percent decrease compared to the 2018 budget. The total includes the General Fund and all other city funds, such as the water and sewer utility, Eagle Valley Golf Course, HealthEast Sports Center, and more.
Read more: Public Safety training, street repairs and infrastructure highlight 2019 budget
Providing a good value
Under the proposed city budget, a homeowner with a property value estimated at $312,600 for taxes payable in 2019 receives police and fire protection; snow plowing and street maintenance; park development and maintenance; recreational programs and facilities; and many other services for about $86.42 per month.
Find more information about the preliminary 2019 city budget.
For more information, contact the Woodbury Finance Department, 651-714-3502.