The council voted to make the new property tax rate $1 per $100 of a property's assessed value.
The Washington Post reported:
The proposed fiscal 2012 budget would lead to about a $16 increase in the average homeowner’s tax bill, totaling about $4,395 for a $449,400 property. The council’s tax rate would increase the average homeowner’s bill by about $100.
The new property tax rate would raise an additional $7.2 million dollars for the city.
The council also approved a rate of 12.5 cents per $100 of a commercial property’s assessed value that would be dedicated toward new transportation projects.
Public hearings on the tax rates will be held April 16.