The Oak Ridge City Council will consider the municipal budget and a proposed two-cent tax rate increase on Monday evening, June 3.
The two-cent tax rate increase would raise the property tax rate from $2.54 per $100 of assessed value to $2.56. It would be the second tax rate increase in the past two years after about a decade of no tax rate increases.
Each cent on the property tax rate generates about $80,000 in revenue.
The city’s general fund is about $26.2 million, and its total budget, including all funds such as school funds and utility funds, is roughly $210 million.
The budget has to be considered in two readings, or meetings. Tonight’s vote is the first reading. The second and final reading will be on Monday, June 10.[Read more…]