For the last forty years, property taxes have been collected and utilized by Teton County, the School District, the Library, the Fair, the Conservation District, and Weed & Pest, but not the Town of Jackson.
Since the 1970s, the Town has generated 74% of its revenue from Sales and Use tax and has lacked diverse tools for revenue for more than 40 years. The Town’s half-mill would lead to an increase of $47.50 annually for a property valued at $1M.
The Town has not collected property tax since the 1970s. Various Town Councilors have stated that this will follow Teton County’s use of mills to support Fire/EMS, a joint department with a continuous rise in calls for service and the need for related resources.
Diversifying Town revenues will help ensure that core municipal services like safety, pathways, snowplowing, and public transit remain in-place and that the organization can continue to make the necessary investments today that will lead to the best possible future.
Town Council’s decision to implement property tax comes with much discussion about potential tax relief for residents that cannot keep up with increases.
The Council and Town staff are looking into potential grants and other local and federal programs that provide property tax relief, and discussions about potential programs will continue.
This said, the Town’s half-mill would lead to an increase of $47.50 annually for a property valued at $1M. It would not be a huge outlay for some, but Council recognizes it will affect residents and is committed to ensuring there are options for residents that need assistance.
The first tax collection of the half-mill for the Town will be in November of 2021.
The Town was able to arrive on this side of the COVID-19 pandemic well-positioned because of budget cuts, federal recovery dollars, and sales tax surpluses. These sources of revenue are providing a short reprieve but cannot be relied upon for the long-term. Relying only on current revenues, budget projections show that the cost of services will out-pace revenues in the next decade.
At its regular meeting Monday evening Town Council chose to make a long-term commitment to diversify its revenue for the first time in over 40 years. The vote was to levy a half-mill of property tax, which would bring in about $250,000 annually.