Saturday, August 22, 2009
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PORTERDALE - City officials are not planning a millage rate increase this year, following a recommendation by the city manager to borrow against anticipated tax revenues if the town runs short of cash in 2010.
Porterdale's current millage rate for maintenance and operations is 8.764. City Manager Tom Fox told the council at a Thursday night work session that he expects the rollback millage rate for 2009 tax collections to be 9.156. The rollback rate is the millage that would be needed to generate the same amount of tax revenue as the previous year.
Porterdale's net digest of taxable property is $27.2 million and shows a slight increase in personal property values over the prior year and a decrease in real property values, Fox said. Based on a 9.156 millage rate, the city will receive no net increase in revenue despite the slight increase in millage rate.
The city is expected to vote on the millage rate at the council's Sept. 14 meeting at 6:30 p.m. at City Hall.
Tax bills will be mailed out in September and are due by Dec. 20.