Due to the tax levy for next year’s budget for the City of Monmouth being greater than the normal five percent, a Truth and Taxation Public Hearing was held. Mayor Rod Davies breaks down next year’s tax levy for the City of Monmouth:
“We were able to increase our levy to cover the increasing public safety pension contributions. We were actually able to lower our property tax rate because of the over nine million dollars of Equalized Assessed Valuation will be coming onto the tax rolls. That is the importance that economic development has in growing our tax base. We had a couple of properties that came off a ten-year tax abatement out of enterprise zones, so that is what grew our assessed valuation so much,” reports Mayor Davies.
“Our property tax rate will actually drop from about three percent to just under three percent. Our levy is about thirty percent of the tax bill and seventy percent of the tax bill is other taxing bodies. What that means, if the typical home hasn’t had anything done to it, so their assessed valuation is the same year over year, the City’s portion of the tax bill should actually go down a little,” Mayor Davies adds.
The $3,048,028 tax levy was approved by the Monmouth City Council.
