Taxable property values rise $77 million in Portage to city’s highest in history

PORTAGE, MI — The taxable value of property in Portage has reached a historically high record.

New development and increases in property values in Portage caused a $77 million increase in the total taxable assessed value of the Adam Herringa, the acting city manager, said in a letter introducing the proposed 2022-23 fiscal year budget for the city.

The total taxable assessed value of Portage rose from $2.69 billion in 2020 to $2.767 billion in 2021, an increase of 2.86%, Herringa said.

This is historically the city’s highest taxable value, he said. Portage remains the municipality with the largest tax base in Kalamazoo County.

“We’ve had growth in all sectors from housing to industry,” Mayor Patricia Randall said in an interview with MLive.

Property taxes paid by homeowners and businesses fund city millages and services such as public libraries and schools, she said.

Recent developments include new businesses like a car wash, expansions of Pfizer facilities and a new senior center.

Related: New car wash planned for busy intersection in Portage

The city projects about $29 million in property tax revenue in 2022-23.

The proposed budget for the next fiscal year was discussed at the city council’s Tuesday’s budget review session. A final budget will be in place by the beginning of the fiscal year, which begins June 1, Herringa said.

The city’s proposed 2022-23 general fund budget is $30.8 million, which is a $2.1 million, or 7%, increase. The budget is balanced with no increases in millage rates and no decreases in core services provided by the city.

The city is preparing to raise water and sewer rates for residents. The city is considering a 5.23% increase to the quarterly water and sewer service rates for residents living in Portage.

Related: Portage residents would pay 5% more for water and sewer under proposed increase

The price increase will be subject of a public hearing at the council’s next meeting Tuesday, April 26. If approved by the council, the new rates would be effective July 1.

Also on MLive:

Two Kalamazoo County school districts asking voters for operating millage renewals on May 3 ballot

Western Michigan University launches paid internships for students

‘We just want a break:’ Michiganders struggle to survive inflation

Leave a Reply

Your email address will not be published.

Back to top button