Residents will see a small increase in property taxes this year since the Century Town Council approved a resolution Monday, Sept. 17, that set the millage rate at 0.9204 for fiscal year 2018-2019.
The final millage rate of 0.9204 mills is greater than the rolled-back rate.
Even though the property improvements since the 2016 tornado make property values go up, the rate stayed the same. When property values rise, property taxes generate more revenue. For the total revenue generated to stay the same, the tax rate must decrease.
“Although we did not change the ad valorem taxes or millage rate, w...