Century Approves Property Tax Increase, $4.25 Million Budget

September 22, 2015

The Town of Century Monday night gave final approval to a budget for the next fiscal year that is down about 16.5 percent from last year, along with a property tax increase.

The budget for the 2015-2016 fiscal year is $4,259,831.36, down from $5,107,641.34. Last year’s budget was higher due to the inclusion of increased grant income and expenditures.  For a summary of Century’ budget, click here (pdf).

The council also approved a property tax rate increase from a current year 0.8707 mills to 0.9006 mills, 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 members.

Pictured top: Century council members (L-R) Gary Riley, Sandra McMurray Jackson and Ben Boutwell. Pictured inset: Council members Annie Savage. Council President Ann Brooks was not present at Monday night’s meeting. NorthEscambia.com photos, click to enlarge.

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Written by William Reynolds · Filed Under News