The first of three public hearings on Oakwood’s proposed tax rate, which could be a tax increase for some residents, is set for 6 p.m. Tuesday, Sept. 17.
Oakwood is proposing to keep its tax rate the same, but residents who have seen property values increase would see a tax increase, if the rate is approved.
The city’s tax rate is 4.174 mills, with 1 mill equal to $1 for each $1,000 in assessed property value.
To keep the city revenues the same, the tax rate would have to be lowered to 4.014 mills, said the city’s finance director, Carl Stephens.
Residents whose tax values remained the same would see no changes in their tax bill and residents whose tax values dropped would see their taxes drop.
“The proposed (tax) increase is based on increased property valuations,” according to a city press release.
The budget tentatively adopted by the Oakwood City Council “requires a millage rate higher than the rollback millage rate,” the release states.
“The direction of the city council has been to maintain the current millage rate,” Stephens said.
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 other tax hearings are set for 6 p.m. Oct. 1 and 6 p.m. Oct. 8.
All the meetings will take place at Oakwood City Hall, 4035 Walnut Circle.
Tax bills are scheduled to go out Nov. 1 and are due Jan 1.
Oakwood City Council
What: Public hearing on Oakwood’s proposed 2019 tax rate
When: 6 p.m. Tuesday, Sept. 17
Where: Oakwood City Hall, 4035 Walnut Circle