As Property Tax bills have been mailed to Warren County residents, City of Monmouth Mayor Rod Davies breaks down the allocation of monies and the certain funds that benefit the city:
“Over 73 percent of the money the city receives from property taxes does go to fund the public safety pension. Also, this year those folks who live in the TIF Districts have had a separate line show up for the TIF District and what they are showing is the allocation of property taxes received that each of the taxing bodies have shared with the TIF District to help support economic growth and development. The TIF District does not levy taxes. Their tax bills would be the same whether we had a TIF District or not and if they note, the tax rate beside that is zero. Each other taxing body has a tax rate, but the TIF District is zero. It does not levy any taxes. It receive property taxes from all of the taxing bodies.”
Mayor Davies informs property tax funds received by the TIF District are used for improving infrastructure, saving and supporting historic buildings downtown, and supporting economic development and growth.
