The Kenai City Council adopted the City of Kenai 2022 Annual Budget, which estimates property tax revenue based upon a tax rate of 4.35 mills. Municipal Code requires the rate of levy of property tax to be set annually no later than the tenth day of June.
Vice Mayor Bob Molloy, “So it used to be 4.5 and then a city manager, a previous city manager kind of went out into the public and said it should be 3.85 and so it went to 3.85 and then it went up to where it’s at now just a few years ago. Part of the reason that it was at 4.5 was when we lost K Mart. It had to go up to 4.5. We’ve had a really economically stable community, for the most part. It’s great that we’re able to maintain it at 4.35.”
City of Kenai Finance Director, Terry Eubank, stated that Resolution 2021-30 will establish the rate of levy of property tax for FY2022, tax year 2021. The proposed rate of levy is 4.35 and will result in $435 in taxes being paid for each $100,000 of assessed property value. The rate is unchanged and will generate the necessary property taxes to support the adopted FY22 budget. The last mill rate change for the city of Kenai was in FY2015.
The rate of the levy of property tax for the fiscal year beginning on July 1, 2021 and ending June 30, 2022 is to be fixed at 4.35 mills.
Resolution 2021-30 unanimously passed the Kenai City Council.
