Dayton approved a 15% lower property tax rate for the next fiscal year at its meeting Tuesday.
The new rate is .399 per $100 of assessed property valuation, which represents a 15% drop from the last fiscal year, which officials said is the most significant drop in decades.
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?
Council member Joe Neary noted, “This is a 20 percent reduction from 10 years ago, the first time we’ve been under 4 % in 15 years, and it’s mostly because of increased property values in Dayton.”
“We’re lucky and proud to be able to offer it,” said Mayor Ben Baker.