Stanford passes first reading of 2022-23 tax rates
Published 4:14 pm Monday, August 22, 2022
STANFORD – Stanford City Council members held the first reading of an ordinance proposing a four-percent revenue increase in property taxes last week. A public hearing on the proposed increase has been scheduled for Sept. 8.
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Stanford City Council members discussed the proposed rates during the Aug. 11 meeting. Stanford Mayor Dalton Miller said the increase is needed due to the rising cost of operating the city, specifically the cost of fuel.
“The problem is we went for years and we never took our four-percent on our property taxes,” said Mayor Dalton Miller. “Right now, a prime example is we’re looking at spending $90,000 in fuel this year. Luckily, we budgeted, I think if I’m not mistaken, $84,000 in fuel this year. We budgeted because I saw this coming. When we made our budget, we made our budget on a four-percent increase this year…”
After reviewing the tax rate worksheet, Council Member Eddie Carter asked why the anticipated revenue for personal property would be lower, despite the fact that the rate would be increased.
City Clerk Jone Allen said that is due to the decrease in overall personal property. Last year there was 29,783,615 personal property subject to rate and this year there is 27,152,697.
“There’s not as much personal property,” Miller said.
Allen said the numbers are certified numbers from the state that the Property Valuation Administration gives the city each year.
“We’re not seeing a drastic change. It fluctuated in different areas,” Miller said. “…$3 per $100,000 value on your home, is what your property tax bill will go up.”
The proposed 2022-23 rate on real and personal property is .127 (12.7 cents) per $100 of assessed property. The anticipated revenue for real property is $273,179 and $34,484 for personal property.
Last year’s real and personal property tax rates were .124 (12.4 cents) per $100 and generated about $258,984.
The tax rate for motor vehicles and watercraft will remain .14 (14 cents) per $100 of assessed property value and is expected to generate $31,921.72 and $947.75, respectively.
Miller said Stanford has some of the cheapest property taxes around.
Council Member Bill Miracle made a motion to pass the first reading of the ordinance setting the 2022-23 tax rates. The motion was seconded by Council Member Jason Hignite.
A public hearing on the proposed tax levy is scheduled for 6:15 p.m. on Sept. 8 at the Lincoln County Public Library.