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Monroe’s millage rate may increase
Published July 26, 2009
MONROE — The city’s millage rate will likely increase for the first time in more than 10 years.
The city is facing a more than $30,000 shortfall in its 2009 tax digest and $75,000 less in property tax revenue since last year, accounting for a need to boost the millage rate from 6.6 to a proposed 6.99, while utilizing the rollback rate as has been customary in recent years.
In 1999, the millage rate was at 8 and had steadily declined to the 2008 rate of 6.6. However with property values slipping and assessments dropping, council members were told by city number crunchers during a July 12 retreat in Amelia Island, Fla., a millage rate hike is advised.
Walton County Public Schools is also reporting its revenue is down and taxes will bring in less. The millage rate, combining both maintenance and operation and debt service, will be 20.45, a .51 increase from last year’s 19.94, but will take in less revenue than last year’s tax due to decreasing home values.
According to the Walton County Assessor’s Office, the average value of a home in the county dropped from $207,500 last year to $174,280 this year.
The council is expected to vote on the millage rate in September.
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