A split City Commission voted Wednesday evening to approve a higher millage rate.
The move was expected, because city management suggested at its preliminary budget workshop July 9 that the city institute a partial “rollback” rate. State law allows local governments to raise, or rollback, the millage rate to allow them to collect as much tax money as it did the previous year.
The vote was 3-2 in favor of the higher rate. Mayor Kelly Kirschner and Commissioner Terry Turner were the two dissenting votes. Both felt it would be too much of a hardship on the city’s taxpayers.
The city’s current millage rate is 2.7771. City leaders are recommending next year’s rate be 2.9115 mills.
One mill equals $1 in property tax for every $1,000 of assessed value, so a home worth $300,000 would see an increase of $40 next year. However, most homeowners will still see a decrease in property taxes.
Because property values decreased by more than 10% this year, that $300,000 home would have been worth $331,000 last year and would have been assessed $86 more in taxes last year had property values remained steady.
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