Oxford passes rollback millage rate

OXFORD — The Oxford City Council has passed the rollback rate for its new millage rate.

The council approved the new rate, 7.85 mills, at a special called meeting on Monday.

The new rate, which was proposed by city officials, is a small increase from last year’s rate, 7.60 mills. It was 5.33 mills in 2008, 5.51 in 2009, 6.28 in 2010 and 7.06 in 2011, according to a five-year history.

Even with the increases, the net tax collections have decreased from just under 1 percent to 5.5 percent per year over the last five years. Oxford Mayor Jerry Roseberry said that the digest has dropped 48 percent since 2008.

The city is expected to collect $7,060 less this year, a more than 5.5 percent decrease from the previous year.