New Hope Approves 5.4 Percent Levy Increase
The New Hope City Council approved the 2024 budget at its most recent meeting that is meant to build reserves for future facility needs.
Council members approved a total tax levy of more than $20 million at the Dec. 11 meeting. That’s a 5.4 percent increase over last year. The tax levy includes the general fund, street and park infrastructure funds, economic development and housing and redevelopment authorities, prior debt levies and bonds.
The total levy, according to city officials, includes three new levies of $100,000 each to build reserves for future facility needs, including the fire station, aquatic park and the city hall/police facility.
City officials say the estimated increase on residential property taxes is 3 percent. For homes valued between $175,000 and $500,000, the increase would amount to additional property taxes of between $29 and $93 per household.
“While the overall tax rate may appear high compared to other cities, New Hope includes infrastructure improvements in the general property tax levy rather than assessing the benefiting property owner,” read a release from the city. “Thus, New Hope does not assess taxable properties for street improvements.”
Links to the 2024 budget and corresponding presentation are available at newhopemn.gov/finance.