City Sets Tentative Millage RateJul 22nd, 2013 | By Jacob | Category: Community News, Front Page
The Madison City Commission set the tentative millage rate for Fiscal Year 2013-2014 at seven mills at their Monday, July 15, meeting.
City Manager Tim Bennett briefly discussed the budget with the commissioners and explained that the city would work with the higher number of seven mills. He expects the rolled back millage rate to be set at 6.1715.
Based on the city’s rolled back millage rate, they will be able to generate the same collection of ad valorem taxes they sought in 20012-2013. Those numbers were $530,182.
If the city used the same millage rate they used last year, they would generate more than $10,500 less. Last year’s millage rate was 6.0484.
The motion to set the tentative rate was passed unanimously.
The board also scheduled the first public hearing on the millage rate for Sept. 10.