When the 2015 tax bills go out this fall, Commerce residents will pay $40,000 more in taxes to City Hall than in 2014 in spite of a slightly reduced property tax rate.
Yet the 2015 tax levy will still be $7,000 lower than in 2013.
The city will set its tax rate at 4.02 mills on Monday, Sept. 21. That’s a hair lower than last year’s rate of 4.05 mills, but because the city’s tax digest — the value of all property in the city — increased, the slightly lower tax rate will generate 6.21 percent more money than last year.
For the owner of property valued at $100,000, the tax increase amounts to 12 cents over last year’s rate.
Last year, the city’s tax digest fell unexpectedly, resulting in a drop of 6.79 percent in the levy. This year, it was up over six percent, but the increase did not fully cover the amount lost in 2014, noted James Wascher, the city’s finance director.
For the full story, see the Sept. 2 issue of The Commerce News.