As we conclude budget approval for Fiscal Year 2024, which begins on July 1, questions arise about the city’s tax structure and how we are funded. Many are surprised to learn that transaction privilege tax (TPT, or sales tax) is the primary source of revenue for the city’s general fund, which pays for public safety and other critical city services. Property tax in Prescott accounts for less than 4% of revenue for the general fund. As growth continues in and around Prescott’s city limits, the … [Read more...] about How Prescott is Funded for City Needs
