By Gene Kemmeter

The Stevens Point Finance Committee is reviewing a 2018 city budget proposal of $23,183,485 that carries a tax levy of $16,197,211, a 12.45 percent increase because of increased debt service.

That means an estimated property tax of $9.59 per $1,000 in assessed valuation, compared to the $9.94 rate for the 2017 budget. However, the tax rate calculation has not been finalized yet because the city recently went through its first revaluation in 14 years. Also, the assessed value of some older homes may have increased by one-third or more, skewing the rate from prior years.

The proposed tax levy for general city purposes would increase 3.26 percent from $10,8676,756 to $11,221,925, in compliance with the state restraint program. But the debt service levy would increase 40.72 percent, from $3,535,680 to $4,975,286, primarily for principal and interest on a new note.

The committee met Monday, Oct. 23, and Stevens Point Comptroller/Treasurer Corey Ladick unveiled the budget, while also identifying the tax levy impact of a new city hall, and new construction and future operating budgets.

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