Update, Aug. 9: Oakwood City Council voted unanimously to approve the property tax rate at its meeting Monday, Aug. 8.
Previous article: Oakwood residents with higher property values could see higher city tax bills as well.
The city is proposing a tax rate of 4.174 mills, with 1 mill equal to $1 for each $1,000 in assessed property value. With 1 mill equal to $1 for each $1,000 in assessed property, a $250,000 home assessed at 40% would be taxed at $417.40.
The proposed rate is staying the same — it hasn’t changed since 2016 — but those with higher property values will see higher taxes. Those with lower property values will see taxes drop and those who saw values remain the same will see their taxes stay the same.
Because taxes could go up for some, the city is required to hold public hearings on the tax rate.
The hearings are set for 5 p.m. Friday, July 22, and 6 p.m. Aug. 2 and Aug. 8 at Oakwood City Hall, 4035 Walnut Circle.
Final adoption is set for 7 p.m. Aug. 8.