Some claim that the STR Cap will hurt city revenue or will force a property-tax increase. City staff have made it clear that is not the case.
Since creating our Rental and Ordinance Compliance Department, the city is bringing in more rental registration and business license revenue even after overhead. Property values just rose in the county’s five-year reassessment, which brings in additional revenue without raising the tax rate.
Folly also has strong reserves, steady investment income, and major infrastructure grants that return $3.50 for every $1.00 we invest.
Bottom line: According to city staff, there’s no indication Folly will need to raise property taxes because of the STR Cap. Our city’s finances are solid, and if revenue ever tightens, there are other options long before touching taxes.
Balanced policies and a balanced budget. That’s how we keep Folly strong.
