The details are out on Lincoln Mayor Coleen Seng’s 2004-2005 budget proposal. The biggest change in the $125 million budget is a one cent raise in property taxes. The rate would still be lower then in was two years ago. Last budget season, the rate was cut by over two cents.
The increase means property owners would be paying $11.88 more a year on a $75,000 home, an additional $19.80 on homes valued at $125,000, and $31.68 a year for $200,000 homes. Overall, the property tax rate has gone down by 44-percent since 1994.
Mayor Seng says the city has to make up for the unexpected increase in fuel costs this last year. The sluggish economy has also meant less money coming in from sales tax. Instead of cutting services to the public, Mayor Seng feels the increase in manageable.
“When it's all said and done, this community provides marvelous services. We continue to get letters and emails saying ‘thank you, thank you, thank you for services delivered.’”
The budget will be presented to the city council on Monday after the Mayor’s State of the City Address.