Consideration of a possible tax holiday for Sylvania residents from a 3-mill city real estate levy ended yesterday with a determination that more information is needed before a decision is made.
City Council s finance committee decided against taking action on the proposal.
Had it been approved by council, the measure would have reduced the city s income by about $1.3 million annually and reduced a resident s tax by between $90 and $100 on a $100,000 house, according to John Plock, the city s finance director.
Some council members argued that the city has a sufficient surplus to allow for the tax holiday.
Most argued that portions of the surplus may be needed for projects already planned and to maintain the city s favorable bond rating.
Barbara Sears, president of council and chairman of the finance committee, suggested that the committee establish a series of meetings to determine if such a move is feasible in the future.
Even if the measure eventually is approved, the earliest it could take effect is 2007, Ms. Sears said,