Portales approves smaller tax increase
Last updated 5/24/2023 at 4:46pm
Portales City Council members on Tuesday unanimously approved a property tax increase, but by a smaller amount than originally proposed.
Council members voted to hike taxes by 1.47 mills, up from the current 2.796 mills for residential property owners.
A mill generates $1 for every $1,000 in taxable value. If property is assessed at $300,000, its taxable value is $100,000 and the property tax would be $100 per mill.
The council in February voted tentatively to increase the mill rate by 4.425. On Tuesday, it decided to approve 1/3 of that proposed increase for now and consider an additional hike next year.
A standing-room only crowd of about 75 attended the meeting with most who spoke telling the council they opposed the larger increase, which would have been a 158% hike from the current rate. One resident defended the council members who have said an increase is essential because of rising costs for fuel, equipment and salaries.
We’ll have more information in Sunday’s newspaper.