The Century Council voted Tuesday night to approve the millage rate of 0.9204, which is greater than the roll back rate of 0.8361.
The projected amount for ad valorem taxes for Century this year, according to CPA Robert Hudson, is $37,404.
“If property values increase every year, and you always do the roll back rate, you'll never get any more money, although the residents of Century's property has increased in value,” said Hudson. “They're really decreasing their property tax by not applying the same millage rate over the appraised value.”
Town consultant Edwin ‘Buz’ Eddy explained that the legislature doesn't want citizens to pay using the same tax rate, when in fact, it is a tax increase, when the property value in the town went up, this year by about .9 percent.
“In order to get the same amount of money, we are going to roll back the tax rate to .8361,” said Eddy. “But in order to bring in additional revenue, we recommend going with the current rate, which this year is a tax increase of .9 percent increase.”
Hudson compared the Truth in Millage (TRIM) amounts of last year and this year.
“If we compare TRIM last year, $35,231, versus this year, $37,404, the difference dollar amount is $2,173, which represents a 6.1 increase,” said Hudson.
The tax increase percent was added to the resolution that set the millage rate the council voted on.
Councilman Ben Boutwell made a motion to accept the millage rate and roll-back rate, which was seconded by Councilwoman Sandra McMurray Jackson. The motion carried. Councilman Luis Gomez was not present.
The final hearing to adopt the budget will be at 6:29 p.m., Monday, Sept. 23, at Century Town Hall.
