Note: This story was last updated at 10:05 a.m. July 28.
There will be a $3.50 increase in the monthly trash fee, and more money—$260,000—will be reserved for capital projects such as buildings and schools, while city officials are not expected to change the new property tax rate provided by the state after five-year reappraisals completed this year.
The trash fee will increase from $7 to $10.50 per month. That change is expected to provide another $335,000 per year in revenue.
The new tax rate—state officials call it a tax-neutral rate—is $2.52 per $100 of assessed value. It was approved in the first of two readings by the Oak Ridge City Council during a three-hour special meeting on Monday. The second reading hasn’t been scheduled yet, but the meeting is expected soon. [Read more…]