News Release Date
09-25-2023
9/25/23 10:47AM
Millage is a tax rate defined as the dollars assessed for each $1,000 of value; one mill is one dollar per $1,000 of assessed value.
Mathematically the equation is:
Taxable value ÷ 1,000 × millage rate = Property Tax Owed.
The proposed 6.99 millage rate is a 16.7% increase over the current rate of 5.99 mills.
The estimated impact is $100 per $100,000 of assessed value for the year.
During the budget workshops this summer, city staff and commissioners evaluated ways of creating a balanced budget without impacting the level of city services currently offered.
Significant increases in insurance, utilities, fuel, and state-mandated retirement contributions are the primary drivers in the increased budget.