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The budget is part of a multiyear effort to right the city's finances after years of mismanagement, officials said, adding the property tax increase would raise a homeowner's tax bill by an estimated $574.
The city was just one step above junk bond status in July 2021 but finances have since turned around, with the city last year getting its first upgrade in six years, acting city manager said.
The entirety of the tax hike resulted from $5.5 million the city must pay to developer Sinclair Haberman as part of a $75 million settlement, said City Council President John Bendo during a special meeting Tuesday night.
The City of Long Beach has proposed a 2023-24 budget with a 12.74 percent tax rate — the highest in several years and more than double the current 5 percent. The proposed spending plan totals …
Long Beach residents could be facing a double-digit tax hike in the coming fiscal year. The increase is primarily the result of a $5.5 million down payment on a $75 settlement with Manhattan …