Looks Like Property Taxes Will be Going Up in Quincy
Monday night’s Quincy City Council meeting was anything but uneventful for the residents of the city as the council approved what is called a “truth in taxation” resolution. A truth in taxation resolution states that cities must announced in December that there is a chance for an increase in property taxes by 5% or more. It is believed that the council is looking at an increase of 7.37% in property taxes for next year. What does that mean for you? Basically, an increase of 7.37% means a $100-thousand homeowner will pay an estimated $25.25 increase next year in property taxes. It is the hope of the members of the council that a lower rate will be in effect pending state pension projections which have not been revealed.
Mayor Kyle Moore, quoting an article in the Herald Whig, said last year the council paid additional funds toward fire and police pensions out of the city’s non-budgeted reserves. That allowed the city to avoid much higher tax rates for the current year.
Meanwhile, Comptroller Sheri Ray said she expects the state numbers to be posted any day.