46:40
Along with the island port, we part of what the base. The good thing about the import is we get we get basically 70% of all the property tax that comes in as as it comes as a business expands or builds because yeah, we have a base what your property tax is, but what it goes above that.
38:23
…it because if we encourage them to get the property tax break, then that reduces the amount of property tax we get and we get less in the water rate.
7:56
Most of our property tax differential coming in at $36 million, the majority of that is from the Northwest Quadrant Project area, although we've seen it coming from a couple of other project areas this last year as well.
3:23:22
Thanks, Council Member. And, uh, I'll follow up my report. I just have a couple things. LPC, we discussed uh, Florida actually has a bill out there to eliminate property tax.
5:45:26
Currently, as a city, we bring in, if you look at our current budget for 2027, we're projecting to bring in $6.3 million in property taxes for everything inside Spanish Fork.
1:36:19
So, even with the new property tax rate, will you remind me what the average tax bill will be for the Nephi portion portion? Is it like is it under 300 still?
2:19:01
So, when someone decides to build an 80 on their property, and then it has to leave you. I'm assuming, then the county, because we have business licenses, will increase the value of their homes, so they'll pay more property taxes.
1:38:26
If you create a property tax structure that builds additional revenue into public safety year after year, you reduce the need to have the difficult conversation every year.
22:00
No, they're asking for a planning by exception to happen, yet a third time, where we carve off another little chunk, talk about ethereal property taxes or taxes, which predominantly would be service based, and there's no tax really revenue coming into the United States for that.
1:53:38
Years of massive tax breaks and short-sighted developer incentives ultimately forced the city council to pass a staggering 183% property tax rate hike in August 2026 to make up for infrastructure and public safety strains.
5:26
So the certified tax rate has been 0.000429 and it will increase to 0.000563 again for our physical year of 2026, 2027. And the board did the service district board did adopt the tentative budget on June 18th with the proposed tax rate increase of the point zero zero five six three four…