By Sarah Snyder
Residents in Midland are learning they might have a little extra cash in their pockets this year.
On Wednesday, the city of Midland approved putting the proposed property tax rate decrease on the August City Council agenda.
City leaders say it's the most unique situation in twenty years.
Even though property values are on the rise, residents will actually get a tax rate cut.
"With everything else going up, like gas and everything, I guess it's going to save us money on the taxes on the house," Midland Resident Aida Olivas, said.
For the first time in twenty years, if you own a home in Midland, even though your property value is going up a tax rate cut is on the way.
"I think it's wonderful we're going to be saving money," John Mason, a Midland homeowner since 1991, said. "Like I said, it's been going up $10-12,000 on the value of my home each year and so that will be great that it will be leveled off at least for a year or two."
Here's what the proposal means for Midland homeowners: if you lived in your home last year, and made no significant improvements to increase its value, even if the property value went up to the maximum of ten percent, you'll owe the city less.
"The economy is good, the increases to the tax base from last year to this year, we're a little over 16 percent and with all that combined we were able to lower the rate far enough to provide this small, but well-intentioned tax cut, not rate cut, but tax cut to the citizens of Midland," Bob McNaughton, Director of Finances for the City of Midland, said.
"The thing is, all of our values on these houses go up, and like I said, I paid $69, 500 for my house back in '91," Mason said. "They say, it's worth $168, 000. I don't see it, but then again, it's because of the infrastructure around us and everything."
"The city managers office, my office, and all of the council was involved in coming to this position where we've got this rate proposed," McNaughton said.
The first public hearing will be August 5th, two more hearings will follow, then on August 25th, the Council will have the final vote on this proposal.