The Fayetteville City Council on Aug. 27 adopted the 2020 millage rate of 5.646 mills for the General Fund and Capital Projects.
In the absence of a rollback, the new tax rate equates to an increase of $5.62 for a home valued at $185,000.
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 $185,000 would come with a $5.62 increase, while a non-homestead property with a fair market value of $400,000 would see a $12.16 increase.
