Council hears plan options as equalization rate falls to 60.39%; revaluation could cost ~$2M

City staff briefed the council on the potential costs and timing of a citywide property revaluation after reporting an equalization rate decline from the previously reported high of about 123% to roughly 60.39%. "For the course of the time that I have been here at the city we've gone from a equalization rate uh at a high of 123% um to 60.39% now," staff said, warning that prolonged fall in the equalization rate can affect the city's fiscal stability and bond rating.

The assessor explained a reval typically takes two to four years because of data collection and recommended using outside vendors or pictometry to improve property data. Staff estimated the work could cost around $2 million depending on scope; council members discussed whether a reval should be budgeted next year and raised concerns about undercounted permits, pilot agreements and distributional effects on tax rates. The council did not take action but directed staff to continue work and consider revaluation in next year's budgeting timeline.