The City of La Vista’s proposed biennial budget is currently being reviewed and considered by the City Council.
The FY21 budget proposed by staff is a 1.5 percent increase in general fund expenditures. The City’s tax levy is .55 and has remained steady since 2012 and assumes a property valuation of more than $1.7 billion. The Sarpy County Assessor sets the valuation which is not finalized until August.
The affect this will have on individual homeowners will depend on the rate of their property valuation increase or decrease.
The City estimates that it will receive an additional $636,000 in property tax revenue.
Considering that the City of La Vista is a growing, thriving community in the middle of not only a major redevelopment project as well as a pandemic, the conservative growth rate maintains services and keeps the City on track to build and invest appropriately.
Year-to-year valuation change includes individual property value increases and decreases, new construction growth and any annexations that occurred in the prior year. The FY21 property valuation represents a 7 percent increase over the prior year.
The City is contemplating annexations in both years of this biennial budget that will increase the tax base in FY22 and FY23. The result of these annexations are projected to increase the City’s total assessed valuation by approximately 5 percent in FY22 and approximately 17 percent in FY23. These increases do not equate to an increase in taxes owed by all residents, but rather it represents the increase in the City’s total tax base.