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Century Approves Proposed Property Tax Rate, And It’s A Decrease

The Town of Century has set a proposed property tax rate for the next fiscal year.

The town council voted unanimously in a special meeting to approve a tentative millage rate of .9204, which has been the steady rate for several years.

That is 5.9% less than the rolled-back rate of .9781 mills, according to documents filed Wednesday. The rolled-back rate is a computed millage rate that would generate the same amount of ad valorem tax dollars as the prior fiscal year, based on the proposed year’s tax roll, excluding new construction. While Century’s tax rate will hold steady, it by definition a tax decrease as it is lower than the rolled-back rate.

Century’s adjusted prior year ad valorem proceeds are estimated at $50,148 from a property in the town with a taxable value of $51,271,029.

The millage rate must be approved at two upcoming meetings before it becomes final. The first budget public hearing is set for Tuesday, September 3 at 5:30 p.m. The second and  final public hearing is set  for September 12 at 5:30 p.m.

With the same .9204 millage rate last year, Century effectively approved a nearly 300% property tax increase, as defined by state law.

Pictured top: The Century Town Council voted this week to set a proposed property tax rate for the next fiscal year. Pictured inset: Century council member Henry Cunningham reviews the tax rate information. Pictured below: Century interim town manager Howard Brown and procurement specialist Bobbi Williams attended the meeting remotely. NorthEscambia.com photos, click to enlarge.