City Council to hold Truth in Taxation hearing
NEW ULM — The city’s Truth in Taxation public meeting will be held 6 p.m. Tuesday, following the New Ulm City Council meeting.
The New Ulm City Council will review the final budget for 2023. The review includes a public hearing to allow for public comment.
In September, the city set the preliminary tax levy at $9,842,826 an increase of 12.49% over the 2022 budget. Though this is an overall tax increase, the city also saw an increase in tax capacity that could result in a tax rate decrease for residents if their home value remained unchanged.
The 12.49% preliminary levy increase can still be reduced by the city before the end of the year, but cannot be raised.