Same millage rate will bring in slightly more revenue because of increased property values —
The first of three public hearings on the 2020 millage rate will be conducted by the Fayetteville City Council on Aug. 20. The proposed rate of 5.646 mills, the same rate as 2019, equates to an increase of $6.08 for a home valued at $200,000.
A tax rate of 5.646 mills on property, which is the same rate as in 2019, is .076 mills more than the rollback rate, and amounts to a 1.36 percent increase which will generate $349,614 in additional revenues.
Without the tax increase, the millage rate of 5.646 mills would be no more than 5.570 mills, said city Finance Director Mike Bush.
Breaking down the 5.646 mills, the General Fund millage rate will be 4.594 mills, and the Capital Projects rate will be 1.052 mills.
Bush said the property tax increase for a home with a fair market value of $200,000 would come with a $6.08 increase, while a non-homestead property with a fair market value of $400,000 would see a $12.16 increase.
The first two public hearings will be held at City Hall on Aug. 20, at 8 a.m. and at 6 p.m. The third hearing and adoption will occur on Aug. 27 at 6:15 p.m.
