Good news for property owners in Hannibal as the city’s value has increased by more than $10 million dollars according to the county assessor.
That report was shown to city leaders at Tuesday night’s city council meeting.
The finance director reported those numbers and with that recommended that the tax rate for the city stay the same next year.
If that rate is approved by city council, taxpayers in Hannibal will not see any significant increases in their property taxes from the city’s portion of those taxes.
That doesn’t account for other tax rates such as the school’s rate.
City Manager Jeff LaGarce said the $12.4 million dollar increase in the city’s value is due to investing in improvements around the city
"We are happy about this because of what it says for the community. Having community values growing like this is a big deal. Like I said, I was here during the year that the valuations dropped six million dollars. That was during the recession," said LaGarce. "It was very discouraging. People would put their house on the market but then drop the price. That’s not happening now. The economy is going in the other direction."
City Manager Jeff LaGarce said they don’t have specific plans with the added revenue but they will be able to continue projects that have already started.
That tax rate will have a second reading in two weeks before it is voted on.