GRAND ISLAND, Neb., If you live in Grand Island you may soon see a rise in your property tax five-hundredths of a percent if the city council approves it at Tuesday night's meeting.
Right now the current property tax rate for the city is 3.2%. City officials believe raising it to 3.7% will help to bring in additional revenue to balance Grand Island's budget.
The city administrator Marlan Ferguson says this year about $9.5 million came from the current property tax. A five cent increase in the tax would mean about a $1.5 million more for the city in 2018.
City officials don't believe an increase in property tax will discourage people from buying additional property or moving to the area because they feel the cost of living will still be reasonable.
"Overall from your utilities to your property tax, to your sales tax, when we look at that. I think we have a strong economy," said Grand Island City Administrator Marlan Furgeson.
The city administrator says the last time property tax was raised was about five years ago.
Grand Island's sales tax actually brings in much more money--about $16 million per year.
City officials believe the property tax increase will go through at Tuesday night's meeting, which is at 7 p.m. at city hall and is open to the public.