residents likely won’t see an increase in their property taxes this year.
City officials have recommended the millage rate remain at 8.50 mills, the rate at which it has been set for at least the last five years. No one attended an initial hearing held Wednesday night during the city council’s special called meeting.
According to figures on the city’s website, the millage is expected to generate $2.68 million for fiscal year 2012, down from $2.93 generated in fiscal year 2011. Property tax revenues have continued to decline since 2008, as has the city’s tax digest. For fiscal year 2012, the city’s digest is expected to be at $315 million, down from $345 million in 2011.
“We’ve seen a decrease in many of the (property values),” Interim City Manager Brad Hulsey said.
The city council is expected to have a second reading and vote on the millage rate at its meeting on Monday.
The council met for just under six hours on Wednesday between its work session and called meeting. We’ll have more from the work session coming up later today.