City, school board to set tax rates Monday

That’s an increase of 47.89 percent, amounting to a tax increase of $31.60 per $100,000 valuation of property.

The total property tax levy will amount to 1.5 percent of the city’s $27 million budget.

A mill is equal to 40 cents of taxes per $1,000 of value or $1 of taxes per $1,000 of assessment.

A half hour after the city council approves its tax rate, the Commerce Board of Education will set its tax rate at 17.75 mills — the same rate it has levied for the past five years.

But because the city’s tax digest has fallen, the school tax levy will actually be 3.85 percent less — $110,123 — than last year, offsetting almost all of the increase from the city government’s tax hike.

The school board expects to collect $2.96 million in property taxes.