Wilmore approves 4% property tax rate
Published 12:05 pm Wednesday, August 19, 2020
The Wilmore City Council approved the first reading of its new tax rates for 2020, which would generate a 4 percent increase in revenue.
Monday night, the council voted 5-1 to approve the new rate, Wilmore Mayor Harold Rainwater said.
The new rate would bring in about $40,000 more annually to the city, he said. The city ended the previous fiscal year, which ended June 30, a couple thousand dollars short, he said.
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“I think (the new rate will generate) $521,000, up from $484,000 this year,” Rainwater said. “We’ve been doing the compensating rate. We feel we needed to raise it so we don’t lose ground. We are a little short on last year’s budget.”
The compensating rate would generate the same amount of revenue as the previous year. The compensating rate is the only tax rate which does not require a public hearing. Any tax increase approved higher than 4 percent is subject to a recall vote.
Rainwater said the public hearing will be at 5 p.m. Sept. 3 at Wilmore City Hall.
For a homeowner with a $200,000 house, the increase would be about $34 annually, he said.
Council member Jim Brumfield cast the dissenting vote. Rainwater said Brumfield thought the increase did not need to be as large as was approved.
The council also discussed the tax rate for motor vehicles, but took no action, he said. A vote is expected at the council’s next meeting.