The rate is proposed at 2.48 mills, with 1 mill equal to $1 for each $1,000 in assessed property value. Property is assessed at 40 percent.

The value of the tax digest, or list of taxable properties, has risen, resulting in $101,908 more in revenues for the city, said Patti Doss-Luna, assistant city manager.

"The additional revenue that we’re seeing is based primarily on the growth in the city limits and development projects," including commercial ones such as Wal-Mart Supercenter and Sam’s Club springing up on Mundy Mill Road, she added.

The city could reduce the rate to 2.469 mills and keep the revenues the same.

But because it’s not proposing to do that, state law requires the public hearings, which are set for 4 p.m. Monday, 4 p.m. Oct. 6 and 6 p.m. Oct. 13.

All the hearings will take place at City Hall, 4035 Walnut Circle.

The Oakwood City Council meets at 7 p.m. Oct. 13, when it is scheduled to give its first OK to the tax rate.

The council is set to give final OK to the rate at a meeting set to start at 4 p.m. Oct. 20.

City officials aren’t considering a rollback because "the additional property tax revenues ... are needed for us to maintain (the) current level of services ... for our growing city," Doss-Luna said.

Also, "based on our review of revenue this year, other sources of revenue — most all — are flat," she added.

City officials plan to present the 2009 budget to City Council on Oct. 6. That meeting also will start at 4 p.m.

The budget year runs from Jan. 1 to Dec. 31.

A public hearing on the budget is set for 6 p.m. Nov. 3. Final budget adoption is set for Nov. 10.