The second 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, Oct. 1.
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.
The city’s finance director, Carl Stephens, has said that to keep the city revenues the same, the tax rate would have to be lowered to 4.014 mills.
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 last tax hearing is set for 6 p.m. Oct. 8.
The meetings are taking 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, Oct. 1
Where: Oakwood City Hall, 4035 Walnut Circle