City lowers tax rate
Thu, 09/22/2022 - 12:00am
BY GINA KEATING | EDITOR
The Olney City Council followed the lead of the school district and county commissioners by lowering the ad valorem taxes that fund city operations by 8.29 percent for fiscal year 2022-23 to offset rising property values.
The council approved the measure by a vote of 4-0, with Mayor Rue Rogers and Councilmember Harrison Wellman absent.
The new city tax rate is 0.685554, or about 7 cents, per $100 valuation of property for the new fiscal year. Despite the lower tax rate, the city expects to collect 4.24 percent more revenue - or $875,095– compared with $839,423 at last year’s higher tax rate, City Secretary Tammy Hourigan said.
“We get more revenue because the property valuations went up,” she said.