Local governments depend on taxes to keep things moving along. In Farmington, taxes bring in over half the city's revenue.
“In our general fund, property taxes make up over 50% of our revenue," said Chris Weber, Farmington's treasurer and finance director. "It’s close to 56% … It helps fund our public safety, department of public works, parks, all the administrative apparatus.”
Between the summer and winter tax deadlines in 2019, Farmington brought in $19,996,658 in property taxes. Weber noted the city itself doesn't get all of that money: entities like the school district benefit, too. But nonetheless, it keeps the city running.
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One business in town, Roush, receives an industrial facilities exemption through the state. The business is not, however, one of the city's major taxpayers.
Weber said most of the city's tax revenue comes from residents rather than businesses.
“Most of our taxes, 76% of our tax base, is residential," he said. "That’s single family homes, apartment buildings, condos, that sort of thing. The other 24% is commercial and industrial. Every community is going to have a different mix when it comes to that.”
In tough economic times like those the COVID-19 pandemic has created or business owners, Weber said he's glad the city brings in so much residential property taxes. In his opinion, homes are more reliable than business.
“The residential component is pretty stable and home values are still going up," he said. "So from Farmington’s perspective, 76% is residential so 76% of our tax base is pretty secure over the next couple of years.”
Contact reporter Shelby Tankersley at stankersle@hometownlife.com or 248-305-0448. Follow her on Twitter @shelby_tankk.
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Homes, apartments bring lion's share of Farmington's tax revenue - Hometown Life
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