Worcester County proposed tax hike to be advertised
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Title : Worcester County proposed tax hike to be advertised
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You are now reading the article Worcester County proposed tax hike to be advertised With link address https://newstoday-ok.blogspot.com/2018/04/worcester-county-proposed-tax-hike-to.html
Title : Worcester County proposed tax hike to be advertised
link : Worcester County proposed tax hike to be advertised
news-today.world | Rate would cover projected $9 million budget shortfall
Ahead of the expected June 5 adoption of the Fiscal 2019 budget, the county government must advertise any proposed tax rate that exceeds the state-calculated constant yield rate of 82.7 cents per $100 of a property’s assessed value.
The Worcester County Commissioners approved the advertisement on Tuesday, including a tax rate that would cover the entire budget as it stands now — with a gap of almost $9 million gap between revenues and expenditures.
Ahead of the expected June 5 adoption of the Fiscal 2019 budget, the county government must advertise any proposed tax rate that exceeds the state-calculated constant yield rate of 82.7 cents per $100 of a property’s assessed value.
The Worcester County Commissioners approved the advertisement on Tuesday, including a tax rate that would cover the entire budget as it stands now — with a gap of almost $9 million gap between revenues and expenditures.
To cover that difference, a tax rate of 88.6 cents per $100 assessed will appear in the advertisement, but it is unlikely to remain that high. For the past four years, the commissioners have adopted a rate at or near the constant yield figure, and have not increased taxes to cover a shortfall in the proposed budget.
The rate shown in the ad would be an increase of 5.9 cents above the current rate of 83.5 cents per $100 assessed value, which was set in 2015. The commissioners also increased the income tax rate that year, with the rate going from 1.25 percent to 1.75 percent.
The commissioners have only begun to review the proposed budget and have yet to make changes to the documents developed by department heads and staff.
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The rate shown in the ad would be an increase of 5.9 cents above the current rate of 83.5 cents per $100 assessed value, which was set in 2015. The commissioners also increased the income tax rate that year, with the rate going from 1.25 percent to 1.75 percent.
The commissioners have only begun to review the proposed budget and have yet to make changes to the documents developed by department heads and staff.
More
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