August 13, 2014 10:37:01 AM
WEST POINT -- Property in the city of West Point may be worth more money next year than it is now.
West Point Mayor Robbie Robinson reported at Tuesday's Board of Selectmen meeting that preliminary figures indicate the value of a general city mill there will be up this coming October. A mill is currently worth about $75,000.
What that will mean for the millage rate is yet to be seen until the land tax roll is certified and accepted by the Clay County Board of Supervisors later this month.
Robinson said he did not know what the projected new value of a mill would be, but the city would be receiving more money per mill because of the increase.
The general operation millage rate is currently 29.78 plus an extra 5.69 to finance debt service.
Mills are a calculation of property taxes. A mill is one-thousandth of a dollar. Local municipal and county boards adjust millage rates each year to support governmental operations. The value of a mill is in the city by adding up the worth of all real, personal and motor vehicle property within the city limits and multiplying that by one thousandth of a dollar.
Determining how much money you'll pay in property taxes in one year is calculated by multiplying the value of your property by 10 percent and multiplying that result by .001. That amount, which equals the tax for one mill, is then multiplied by the millage rate. The owner of a $100,000 house in West Point right now pays $297.80 a year just toward general city operations, not including debt service or the school district.
Robinson said the increased value of a mill means the millage rate will not increase next year.
"The tax base has grown slightly," Robinson said. "Once you increase the tax base but don't increase the budget, you're not looking at much of a change."
In other business, the board approved the West Point School District Board of Trustees' request to levy $5,826,600 for general operations and $322,889 for debt service. The school district's millage rate is currently 58.
Nathan Gregory covers city and county government for The Dispatch.
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