Gainesville property owners will catch a tax break thanks to the city getting nearly $12 million over the next two years from federal stimulus money approved this year by Congress.
The break will translate to roughly 1 mill in taxes per year, or about one-thousandth of a property’s appraised value. For example, the owner of a $250,000 home would pay $250 less in taxes.
“We wrestled with different ways to give that back,” City Manager Bryan Lackey said Friday, May 14. “We’ve had a lot of discussions on that. We could take that money and do some projects.
“But we felt like we’re blessed with how our revenues have recovered (since the pandemic) … and we know other places aren’t as blessed and they need the money. We felt we could be OK, we could move forward without having to put that ($12 million) into the budget, to give that back to our community.”
Lackey talked about the tax break with Gainesville City Council Thursday, May 13, as part of a presentation on the fiscal 2022 budget.
The $31 million general fund budget, which takes effect July 1, is set for adoption by council on June 15.