Through economic development efforts and Americold coming off their ten-year tax abatement, the Equalized Assessed Value for the City of Monmouth has increased, which then increases the levee and reduces the tax rate, explains City Administrator Lew Steinbrecher:
“In 2024, the City’s EAV was at $94.5 million. We just recently found out that the actual 2025 EAV is $114.6 million. That is a 21.3 percent increase in EAV, which is far beyond what we actually had expected. It really reflects the benefits of economic development. These are properties that are growth in value and growth in the community’s wealth. That will allow us to actually increase the levee and still reduce the tax rate. In fact, based on the levee we issued last December, we saw about a 12 percent decrease in the tax rate to people. The tax rate is going to fall from 3.01 to 2.66. That represents the lowest tax rate in Monmouth since 2003.”
As long as no changes in the Equalized Assessed Valuation of a person’s property have been made, City of Monmouth property tax bills are anticipated to be lower due to the rate decrease and the increase in the taxable value across all taxing bodies.
