City council faces $125 million drop in property values as it prepares new budget, sets tax rate
As it begins budget- and tax-rate planning for fiscal year 2020-21, the City of Canadian is grappling with sharp declines in property values, sales tax revenues, and hotel occupancy tax revenues—all of which will impact an already bare-bones budget.
Property values have dropped within the city by about $125 million, City Manager Joe Jarosek told his council Monday evening. In anticipation of…