The 2020 tax rate in Oakwood will remain the same as last year’s rate, but that doesn’t necessarily mean taxes will remain the same.
City Council voted Monday, Sept. 14, to set the rate at 4.174 mills, with 1 mill equal to $1 for each $1,000 in assessed property value. The owner of a home valued at $250,000 would pay $417.40 in taxes.
Residents who saw their property values increase through a reassessment will pay more taxes, while those who saw their property values drop will see their taxes go down. And those who saw their property values remain the same will see no change in their taxes.
Tax bills are expected to go out around Nov. 1, with taxes due 60 days later, or around Jan. 1, City Manager B.R. White has said.
The city uses the revenue to cover expenses in the current year’s budget. This year’s budget began Jan. 1 and ends Dec. 31.