Commissioners hold first reading of 2026 ad valorem tax ordinance; compensating rate lowers to $0.144

The Board of Commissioners held the first reading of an ordinance setting the city’s 2026 ad valorem tax levies and franchise tax on financial institutions.

Staff member read the ordinance and recited assessment figures for tax year 2024 (as adopted for tax year 2026): real property $601,549,660; tangible personal property $77,353,352; the transcript lists inventories as $48,000,885,602 (see clarifying note below). The ordinance sets the compensating rate at $0.144 per $100 of assessed value, down from the current $0.147 per $100; participants said the change reduces the city tax burden by approximately $3 for every $100,000 in assessed value, even as overall assessments increased.

Commissioners asked how financial institutions report deposits and whether out-of-state banks are included; staff confirmed the assessments come from the state and that all banks with deposits attributable to the city are assessed. The ordinance advanced on first reading; no final adoption occurred at this meeting (first reading only).