Oakwood’s tax rate will stay the same in 2018, but that still may mean higher taxes for some residents.
City Council voted Monday night on first reading to set the rate at 4.174 mills, with 1 mill equal to $1 for each $1,000 in assessed property value. A final vote is set for Oct. 16.
For the South Hall city to remain revenue-neutral, it would have had to drop the rate to 3.937 mills.
The increased tax revenue is due to higher property assessments.
So, for those who saw values rise, their taxes would go up. Taxes would stay the same for those who saw values stay the same or go down for those who saw values drop.
The council’s “direction is to maintain the current rate in order to meet 2018 budget goals and accommodate anticipated 2018 expenses for operating, capital and debt service,” City Manager Stan Brown has said.
The new budget year starts Jan. 1.