Property taxes to increase more than projected

Property taxes to increase more than projected

Property taxes will increase more than originally projected due to last-minute changes made to the state budget before it passed the Legislature in June.

The nonpartisan Legislative Fiscal Bureau on Thursday revised its property tax estimates, which were initially released in April.

The new estimate says estimated taxes on a median-valued home will be $19 higher over two years under the final version of the budget compared with what the governor introduced.

Taxes will increase 1.7 percent this year and 1.9 percent next year on the median-valued $152,400 home. That represents increases of $29 in taxes each of the two years.

Additional funding for schools helped drive the slight increase in property taxes.