Lebanon City Council unanimously voted to keep property tax rates unchanged for the year 2024, marking the ninth consecutive year without an increase. The decision comes as the city aims to maintain a balanced budget by carrying over a surplus from the previous year.
With total revenues projected to reach $14,413,153, an increase of 5.31% compared to 2023, the city expects total expenses of $17,371,636, a 5.32% increase from the previous year. This will result in a shortfall of $2,958,483, which will be offset by the surplus from 2023.
Mayor Sherry Capello emphasized the importance of outperforming the budget to ensure financial stability. The average assessed value of all city properties, including residential and commercial, is $103,660, translating to an average annual property tax payment of $475 for city services.
Lebanon City’s main revenue sources are the 1.4% earned income tax, the real estate property tax based on the assessed value of all city properties, and the 1% real estate transfer tax levied on property sales.
For 2024, the largest portion of the budget, 31.8%, is allocated to the police department, followed by administration (24.9%), public safety (22.7%), public works (15.4%), and Liquid Fuel Tax Fund expenditures (5.2%).
In addition to the tax rates, the City Council discussed various matters during the meeting. This included reporting on revenue and expenditures for the year, appointment of a new member to the Zoning Hearing Board, authorization to apply for a grant for fire station renovations, and the addition of Juneteenth as a parking meter holiday.
Lebanon City Council’s decision to maintain property tax rates demonstrates their commitment to financial responsibility. By carefully managing their budget and finding alternative sources of revenue, they strive to provide essential city services while easing the burden on property owners.
