Oakwood’s tax rate is going up just to keep property tax revenues the same.
City Council voted Monday night to increase the rate to 4.174 mills from 4, with 1 mill equal to $1 per $1,000 in assessed property value, which is 40 percent of the fair market value minus exemptions.
For example, the owner of property with a $100,000 fair market value and no exemptions could see taxes go from $160 to nearly $167.
In crafting a budget for fiscal 2017, which begins Jan. 1, city officials said they were looking at the higher rate because a declining property tax digest was expected to produce lower revenues.
The city has scheduled a budget hearing at 5 p.m. Oct. 24. Tax bills are expected to be sent Nov. 1, and the budget is expected to be adopted at the 7 p.m. meeting Nov. 14.