Why Galesburg has no money
I don't understand why they divide the appraised value by three, then compute 1.5% property tax from it and say they can't raise it any higher. Where I live, our property tax rate is higher even with a homestead exemption AND we don't divide by three. Simply removing the division would fix the revenue problem according to the article's math.More specifically, right now I just checked and I pay 1.6% of my home's appraised market value each year as property tax. Galesburg pays 0.5%. So there's an easy fix.