Oakwood’s tax rate is staying the same.
The City Council voted Monday, Oct. 14, to keep the rate at 4.174 mills, with 1 mill equal to $1 for each $1,000 in assessed property value.
Residents who have seen property values increase likely will see a tax increase. Likewise, residents whose tax values remained the same will see no changes in their tax bill and residents whose tax values dropped should see their taxes drop.
Maintaining the rate will provide $60,170 in additional tax revenues.
“The city’s fiscal plan provides for maintenance of the current general fund millage rate (and) review of various fees and charges, while providing funding for six police positions and a code enforcement officer in 2019 and expiring debt (for Thurmon Tanner Parkway construction) in 2020,” the city’s finance director, Carl Stephens, has said.