RIVERTON Residents in Riverton could receive a more than 200 percent increase on their property tax bills in mid-August.
The city is considering increasing their portion of property taxes to bring $1 million more in revenue to the city's coffers for the 2008-2009 budget. Currently, the city receives about $466,000 in property taxes roughly 2 percent of the total tax bill property owners in Riverton pay.
The increase would mean about $8 more a month for an average $300,000 home or $96 more a year. Riverton Mayor Bill Applegarth says the tax increase is necessary to make up the loss of revenue the city previously gained from new construction.
The city's budget has been cut by $700,000 and five employees including the public works director have been laid off to trim the budget. The city's engineer is acting now as the public works director.
Riverton has had two public hearings on the proposal. The final hearing will take place on Aug. 12.