The property tax rate will see a minimal increase compared to the 2014 rate. The levy was set at $46.15 cents for every $100 of assessed valuation. Last year’s rate was $45.91. The rate was …
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The property tax rate will see a minimal increase compared to the 2014 rate.The levy was set at $46.15 cents for every $100 of assessed valuation. Last year’s rate was $45.91.The rate was approved by a 6-0 vote at the Aug. 18 board of aldermen meeting. No one spoke at the public hearing.The levy is applied to personal property and real estate when tax bills are paid at the end of the year.Each tax rate is determined by dividing the amount of revenue required by the current assessed valuation. The result is multiplied by 100 so the tax rate will be expressed in cents per every $100 of assessed valuation.The new tax levy includes a general fund levy of 28.99 cents and 17.16 cents for the park fund. The tax rate is expected to generate $463,400 in revenue.The assessed valuation of real estate property decreased slightly to $81,842,658 from $81,934,076 in 2014. Assessed value of personal property in 2015 is $17,935,929 compared to $18,224,511 a year ago.City of Warrenton
