City Council reviewed the FY19-20 Tentative Budget and adopted a resolution formally approving the tentative operating, capital, debt service, and contingency appropriation budget at the May 14, 2019 voting meeting. The tentative budget assumed the primary property tax rate would decrease from $0.4407 per $100 of assessed valuation for FY 2018-2019 (FY18-19) to $0.4144 per $100 of assessed valuation for FY 2019-2020 (FY19-20). In addition, the tentative budget assumed the secondary property tax rate would decrease from $1.5357 per $100 of assessed valuation for FY18-19 to $1.4441 per $100 of assessed valuation for FY19-20.
If Council approves this item, the total property tax rate will decrease from $1.9764 to $1.8585 per $100 of assessed valuation. The total of the levy will increase slightly but this is due only to the value of new construction added to the city during the prior year. This allows the city to reduce the tax rates slightly. Consideration of the adoption of an ordinance finalizing the FY19-20 property tax levy is scheduled for the June 25, 2019 City Council meeting. In compliance with State Budget Law, public notices regarding the public hearing and the property tax levy were published in the Glendale Star on May 16 and May 23, 2019.