The Kenai City Council adopted a resolution fixing the rate of levy of property tax for the 2024 fiscal year.
With the adoption of the “City of Kenai 2024 Annual Budget,” the estimated property tax revenue based upon a tax rate of 4.35 mills.
The rate is unchanged for the last ten years and will generate the necessary property taxes to support the adopted FY24 budget.
City Manager Terry Eubank provided a background and overview of the ordinance;
“Resolution 2023-38 will set the city’s mill rate, which is the rate of taxation that is applied against the assessed value of property within the city. For fiscal year 2024 the rate is being set at 4.35 mills, which is the equivalent of $435 in taxes per $100,000 of assessed value. That has been the same mill rate since fiscal year 2015 in the city. It’s been unchanged for the last, this will be the 10th year that we’ve had this snow rated 4.35. Which I think speaks very well of the city and creating a stable tax environment for our residents and for our businesses.”
