Sunday, August 10, 2014

Reminder: A "mill" is one-THOUSANDTH of a dollar...

From the city's website:

What will it cost an “average” property owner?
If voters approve the $63.5 million General Obligation Bond, the city will repay this obligation through property tax revenues. Of course, increases in the millage rate (the tax rate per thousand dollars of taxable value) apply equally to every property owner. But the actual amount of property taxes paid by each owner depends upon the assessed value of the property minus the homestead deduction.
The city is estimating an additional 3.14 mills to fund the bond repayment to fix, improve and build the city's basic infrastructure. That is .00314 of a dollar.

Click here to use the city's calculator to see the impact to your tax bill should the bond issue pass. For many, there will be no change if under the taxable value threshold after exemptions. Check for yourself and be wary of those that come to your door and talk about outrageous increases in your bill. If you do pay tax to the city, a rule of thumb would will likely be $300 annually per $100,000 of taxable value according to the property appraiser's office.

From the Tom McGow archives