Wilder’s tangible personal property tax rate will be lower in the next fiscal year, while its real estate property tax rate will remain the same.
At its Sept. 16 meeting, the City of Wilder approved its tax rate for the upcoming 2024-2025 fiscal year, keeping the current property tax rate at .231 and lowering the tangible tax rate to .44. This comes after a public hearing on Sept. 3 to hear residents’ thoughts.
Real estate property tax is essentially a tax on everything you own that’s nailed down. For residents, this means houses and other real estate property. For businesses, this means office buildings and other buildings and facilities used to conduct business.
Tangible personal property, on the other hand, is another form of property that isn’t real estate. Depending on where you live, residents may not be taxed on personal property at all–this will vary by jurisdiction.
Property taxes are broken down into several categories. The first and usually largest chunk of your tax bill is real property tax, sometimes referred to as real estate property tax. This is essentially a tax on everything you own that’s nailed down. For residents, this means houses and other real estate property. For businesses, this means office buildings and other buildings and facilities used to conduct business.
Tangible personal property, on the other hand, is another form of property that isn’t real estate. Depending on where you live, residents may not be taxed on personal property at all–this will vary by jurisdiction.
Depending on where you live, other tax-adjacent fees may apply.
How do property taxes work?
Before voting on its approval, a few council members cast doubt.
“My thought is that setting it [the tangible rate] at .44 could deter businesses from coming in,” councilmember Kelly Meiser said. “We would also lose their payroll taxes, which accounts for 42% of our budget.”
Councilmember Jim Profitt agreed with Meiser.
“I believe we have been accused of raising the tangible tax and having companies move out to other areas because of that,” Profitt said. “We have an opportunity to lower it.”
City administrator Terry Vance said there is not enough vacant property within the city for this to become an issue.
“We only have two vacant pieces of property that can be developed,” Vance said. “There’s not enough acreage out there to move the needle.”
Ultimately, the six-member council passed the tax rates for the upcoming fiscal year by a vote of 4-2.