The property tax rate in Stockton will rise 38 percent this fiscal year after the town council approved an increase during its meeting last Thursday.
The tax rate increased from .002687 in 2017-18 to .003705 in 2018-19. The town should collect an additional $29,601 in property taxes, for a total of $88,802.
It’s the first increase in the property tax rate for Stockton residents since 2002, when the rate increased from .002394 to .003287, a hike of 37 percent.
Stockton’s total property tax revenue will increase approximately 50 percent as a result of the increase.
The town’s portion of the property tax for a residential property worth $106,600 will increase from $144.82 to $217.22. A commercial property of the same value will will face an increase from $263.30 to $394.95.
During the town council meeting Thursday, there was less than a dozen attendees, including town officials, and no one spoke in a public hearing on the property tax increase. The elapsed time between the opening of the public hearing and the passing of the tax increase was less than six minutes.
Council members Vicki Nash and Nando Meli asked questions about the increase in revenue and if the tax rate was the same as previously discussed in a June 20 meeting. Stockton Mayor Thomas Karjola confirmed the increase in property tax and said the council approved a 50 percent increase during the June meeting.
During its June 20 meeting, the town council discussed its general fund budget for the 2018-19 fiscal year, and in particular the disparity between the budget and actual spending. Minutes from the meeting show the council budgeted $323,186 for the general fund but spent about $382,463 in the previous year.
At the same meeting, the town council suggested increasing taxes and covering the remaining deficit using funds invested through the state’s Public Treasurers’ Investment Fund or PTIF. As of today, the town has $221,550.70 in PTIF funds.