"As we grow, churches continue to buy up property. So that's a problem," he warned during the budget workshop at City Hall last night.
Calvary United Methodist Church at 301 First Avenue South |
The proposed budget for Fiscal Year 2013 shows a deficit of $421,000, which will be taken from the city's fund balance in order to "balance the budget."
Property tax revenue to the city has dropped off dramatically since the housing bubble burst and many properties in the town have lost half their value or more.
In Fiscal Year 2010, the city raised $7.7 million from property taxes. This year (Fiscal Year 2012) it's on track to bring in just $5.8 million. In Fiscal Year 2013, which starts on October 1, it's projected to bring in $5.5 million in property tax revenue.
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