Rochester's city manager announces significantly lower prop tax rate for next year

ROCHESTER - Rochester residents got an early Christmas present today as City Manager Katie Ambrose released a statement indicating that the Department of Revenue Administration has finalized a slimmed-down city tax rate for the coming year.

The 2024 municipal property tax rate has been set at $14.85 per thousand dollars of property value, marking a significant reduction of $10.89 from the prior year's rate of $25.74. This dramatic decrease results from a citywide Full Statistical Revaluation, which increased the net assessed valuation to $5.1 billion, up by $2.3 billion from 2023.

The 2024 municipal tax rate breakdown is as follows:

• City: $4.36
• County: $1.65
• Local Education: $7.70
• State Education: $1.14
• Total Tax Rate: $14.85

The Finance Department anticipates mailing the December final tax bills by Dec. 30, with payment due 30 days from the mailing date. Interest will begin accruing on unpaid bills starting Jan. 31.

Ambrose emphasized that this revaluation has stabilized tax rates and reflects significant growth in Rochester's net assessed valuation. An analysis report on the 2024 Full Statistical Revaluation will be shared with the City Council in the near future.

Click here to see the full 2024 DRA Tax Rate Memo from the Finance Department.