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10:59 AM Fri, Dec. 14th

Council levies secondary property tax<BR>

The Kingman City Council has decreased the secondary property tax levy for Airway Avenue construction bonds by 8 percent for fiscal 2004.

The levy pays for bonds that voters authorized in 1994 for the Airway Avenue construction.

The council Monday reset the levy at 29 cents per $100 net assessed value.

The council Monday reset the levy at 29 cents per $100 net assessed value.

City financial director Coral Loyd said a property owner with an $85,000 house would pay about $25 in secondary property taxes.

The 15-year Airway Avenue bonds will mature in 2009, Loyd said.

The bonds' original principal was $3,560,000.

The current balance is $2,140,000.

The annual levy was 59 cents per $100 net assessed value for fiscal 1996 and has been reduced each year as the assessed value of property within the city has increased.

In 1995, total value of property in Kingman was $101,456,655.

The value began to increase in 1998 by an average of 5 percent.

Last year, the increase was 17 percent to $145,397,298.

Loyd said the city debt limit is about $6.5 million.

Kingman has not levied a primary property tax for more than 20 years and residents voted down a primary tax proposal in March.

The city council decided to take a primary tax proposal to voters rather than the more limited secondary property tax tied to a specific project, even though various capital projects were on council members' minds.

Mayor Les Byram said some kind of property tax would be needed to finance major infrastructure such as three railroad underpasses.