The Fayette city council approved a small increase in the city’s property tax rate—less than one penny per $100 assessed valuation—at a special meeting Tuesday evening.
Using figures from the county assessor’s office, the state auditor’s office determined the city’s assessed valuation has decreased by 1.6 percent.
State law regulates property tax rate adjustments to maintain a consistent revenue source for municipalities.
Residents will see their city property taxes go up very slightly—from .005395 to .005484, or less than one cent—per $100 assessed valuation.
As an example, the annual city property tax on a $50,000 home will go up one dollar. The net gain to the city will be about $1,400.
Also discussed at the special meeting were ways to fund street upgrades for North Mulberry Street. Council members wrestled with whether to use limited funds to patch up and get by or save money for more long lasting upgrades later.
After obtaining additional cost estimates from the street department, they plan to make a decision at the next regular meeting Tuesday.
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