The town of Florence is considering increasing property taxes 1.43 percent, which would bring in over $14,000 for the town coffers.

A public meeting was held on July 17 at the Town Hall to discuss the proposal.

Officials said the increase was being considered as a result of an increase in property values.

If passed the increase would mean a home worth $100,000 would pay an extra $1.63 a year, increasing the tax amount from $111.82 to $113.45, according to a news announcement.

The town has indicated the tax hike excludes increased primary property taxes received for new construction. The increase also is exclusive of any changes to tax rates from voter-approved bonded indebtness or budget overrides, according to the town's website.

Florence is one of the oldest towns in Arizona, founded in 1866, according to the town website.

The town is home to about 10,000 residents and has about 7,000 jobs provided by major organizations including the town, Pinal County, Florence Unified School District and nine correctional facilities.