Century Considers Slight Property Tax Increase

July 22, 2015

The Town of Century is considering a property tax increase, but it won’t cost the average citizen more than pennies per month and won’t add much to the town’s bottom line.

The town council is recommending that the town’s property tax rate increase from a current year 0.8707 mills to 0.9006 mill, an increase of 6.35 percent. The increase would equal the 2013-2014 rate, while remaining lower than the rate during the previous three years.

One mill is equal to $1 in taxes per $1,000 in taxable value. If the tax increase is approved, the property tax paid to Century on home with a $50,000 taxable value would increase from $42.34 to $45.03, or about $2.69 per year.

With the increase Century would be set to collect $29,549 in total property taxes, up from $27,784.

Due to homestead and other exemptions, many Century residents do not pay any property tax at all, according to Council President Ann Brooks, because of low property values.

Century will hold budget workshop at 5:00 Thursday afternoon at Town Hall. The workshop is open to the public.

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Written by William Reynolds · Filed Under News