Stanford sets 2021-2022 propery tax rates
Published 12:46 pm Tuesday, September 14, 2021
STANFORD – Following a public hearing last Thursday, the Stanford City Council gave their final approval of the 2021-2022 real and personal property tax rates, which are lower than last year’s rates but are expected to generate more revenue.
On Thursday, council members unanimously passed a second reading setting the real property rate at .124 (12.4 cents) per $100 of assessed property value with an anticipated revenue of $258,984. The personal property rate was also set at .124 (12.4) cents per $100 of assessed personal property, with an anticipated revenue of $36,932.
Last year’s real property tax rate was .138 (13.8 cents) per $100 of assessed value and generated about $244,865.
Council members had a brief discussion during the 30-minute public hearing prior to the regular scheduled council meeting.
Council member Ronnie Deatherage said he’s against raising taxes – and he was all for taking the compensating rate – but by taking the four-percent revenue increase, the tax rate will be lower than last year but will keep the extra revenue.
“We keep the momentum going that we have, it’s just what $10,000 extra that it’s going to raise, and some change” he said. “…there may come a time when we say ‘I wish we had that $10,000.’”
Stanford Mayor Dalton Miller said there are several owners of rental property in Stanford who live outside of the city but pay those property taxes.
“Our property tax is going to average about $5.50 a bill,” Miller said.
Deatherage said it’s less than a penny a day.
“With the jail shutting, we’re going to be losing…I think it’s right at $9,000 a year that we’re going to be losing off the payroll tax,” Miller said.
Council member Bill Miracle said he agreed with Deatherage.
“A lot of times, when you first talk about raising taxes, I mean, people just they panic. Nobody wants to do that kind of a thing. But at the same time, when you look at the bigger picture and for the long haul, you know, I kind of agree with what Ronnie’s saying and that’s the route we need to take…,” Miracle said.
Council member Eddie Carter said he was not previously in favor of taking the four-percent revenue increase but had since changed his mind.
“I worried about the elderly people on fixed income, as we always do,” Carter said. “…but I think no more than it is, I think we need to change it, I personally do. After going over it, and you (mayor) explained it more in detail, and the jail situation, losing money there.”
Council member Sara Givens said she agreed with Deatherage and Miracle. Jason Hignite, also a council member, said he spoke to some citizens and they were in favor of taking the four-percent revenue increase.
“It’s just going to make up for loss in another category,” Miller said.
City Clerk Jone Allen said she spoke to Property Valuation Administrator David Gambrel who said the average sale price for a home in Lincoln County was $255,000.