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Century Residents To See Property Tax Increase
September 17, 2015
The Town of Century has given first approval to a property tax increase, but it won’t cost the average citizen more than a few pennies per month and won’t add much to the town’s bottom line.
The town council voted for 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 $27,463. Due to homestead and other exemptions, many Century residents do not pay any property tax at all because of low property values.
The Century council will hold a final public hearing and vote on the tax increase at 6:55 p.m. on Monday, September 21 at town hall..
Comments
One Response to “Century Residents To See Property Tax Increase”
Still as a loss as to what the town of Century does for residence that they need more tax dollars and what that enormous budget goes to because honestly it seems like not much really gets done in way of improving the town or expanding town services because all the good stuff comes from grants per news articles.