Residents will see a small increase in property taxes this year since the Century Town Council approved a resolution Monday, Sept. 17, that set the millage rate at 0.9204 for fiscal year 2018-2019.
The final millage rate of 0.9204 mills is greater than the rolled-back rate.
Even though the property improvements since the 2016 tornado make property values go up, the rate stayed the same. When property values rise, property taxes generate more revenue. For the total revenue generated to stay the same, the tax rate must decrease.
“Although we did not change the ad valorem taxes or millage rate, we will get $1,000 from the county,” said Century Mayor Henry Hawkins. “With the new apartment complex and 12 new houses built since the tornado, the town has a higher property value, which brings more revenue.”
Several citizens at the meeting expressed concern over the current rate, requesting that the council roll back the tax rate. Councilman Luis Gomez responded, noting that when residents make improvements to their property, the property value will increase and therefore, raise property taxes.
Councilwoman Ann Brooks explained the two factors that effect the tax rate are property tax and value.
In a motion made by Gomez and seconded by Councilman Ben Boutwell, the motion carried.
