Measure O was approved by voters in 2000, authorizing just over $10 million in bonds to build the new main library building and make improvements to two branch libraries. The bonds are paid back with a levy on individual tax bills.
The ballot measure set the maximum tax rate at $15.98 per $100,000 of assessed property value, based on a 30-year payback period. That rate for the fiscal year 2015 to 2016 was $6.50 per $100,000 of assessed value, down 13 percent from the prior year.
The item before city council on Tuesday would set the rate at $5.50, down 15 percent or $0.975.
On a $700,000 property, that translates to a roughly $7 annual saving.
City staffers estimate this new tax rate will generate approximately $608,000 for collection in new fiscal year 2016 to 2017, which begins July 1st.