City is anticipated to collect more with a lower tax rate
Council updated on potential East Street developments
The Webb City Council approved a lower tax levy on real estate but still expects to collect $34,008 more next year than it is this year.
The new 2021 tax rate will be $0.6869 per $100 assessed valuation. If it weren’t lowered from the 2020 rate of $0.7213, the city would collect an amount exceeding what’s allowed by the Hancock Amendment.
According to the Jasper County Assessor’s Office, the assessed valuation of property in the city has increased by more than $10 million from $120,282,570 to $130,839,992. Anticipated revenue from the real estate tax is expected to increase by $34,008 from $867,598 to $901,606.
New construction in the past year has fallen from $4,929,620 to $2,774,110. Of the $34,008 in new revenue, $19,055 is expected to be from new construction. The remaining $14,953 is attributed to the fact that this was a reassessment year.
Following a public hearing, at which no members of the public attended, the council set the new tax rate by passing an ordinance on both readings.
The city’s total tax levy of $0.6869 includes three taxes: $0.3615 for the general fund, $0.2434 for the library fund, and $0.0820 for the park fund.
He had no building permits to report yet, but Francis answered questions from council members about developers planning to build in the Centennial Retail and Industrial Park, north of the roundabout.
He said he talks regularly with a major regional restaurant owner who is working on details for property he intends to purchase from the city that is adjacent to the new Sleep Inn.
For several potential projects, such as the grocery store, Francis said the shortage of building materials will likely delay construction until next year.
Meanwhile, steel is has gone up for the mattress retail and manufacturing building. And the upholstery shop building is nearing completion.
Trackside Burgers has opened in the Wasche building, and Ghetto Tacos is expected to move into its new building this fall.