Property taxes in Prescott will officially be going up.
The town’s council has voted to approve a 1% yearly increase to property taxes, starting this year. According to the town the average single family home will see an increase of less than $21 this year because of the change. The money will be put into an infrastructure asset renewal and improvement reserve fund and the town says this year they expect to collect around $55,000 extra.
Councillor Lee McConnell voted against the tax increase and says he doesn’t think it looks good. According to the town a yearly increase of 1% on property taxes dedicated to infrastructure would be around $2,750,000 at the end of 10 years, with an annual contribution over $500,000.
