At the recent Monmouth City Council meeting, a presentation on the 2022 Tax Levy was heard, which is the first step in preparation for Fiscal Year 2023-2024 Annual Budget for the City, explains City Administrator Lew Steinbrecher:
“The proposed Tax Levy for this year, which will be collected next year on the property tax bills, is $2,623,100 and that is just a slight increase over last year’s property tax levy. It mostly captures the growth in the assessed value and in fact we are projecting, last year’s City’s tax rate was just under $2.93, and we are projecting next year to be just slightly over $2.93, about half a cent increase. The levy actually captures a lot of the new growth that we have seen here over the past year. Of that $2.6 million, almost $1.9 million of it will go to make contributions to both the police and firefighters pension funds.”
Monmouth City Council authorized the addition of the Tax Levy ordinance onto the December meeting agenda to be considered for approval before being passed to the county for next year’s tax bills.
