Tax break comes in lower mill rate
City council sets levy at 18.3 mills, down from 20
Property owners in Valdez will see a reduction in 2012 property tax bills after the Valdez City Council voted to lower the levy to 18.3 mills.
The reduction came during a council meeting that was held Wednesday night, June 6, two days later than regularly scheduled. There was no council or public discussion before the vote, which passed 4-0. Council members Steve McCann, Joe Prax and Alan Sorum were not present.
The mill rate – and the city’s 2012 budget – were created with a calculated levy of 20 mills.
According to Wikipedia, tax bills are calculated by authorities by multiplying the assessed value of the property by the mill rate and then divided by 1,000.
“For example, a property with an assessed value of US $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of US $1,000 per year,” the website said.
The rate still equals over $39 million in total property tax revenues. The new, lower rate allocates $9,194,896 for “school property tax,” and $29,902,392 for “city property tax.”
The city council is required by law to set its mill levy by mid-June according to the council agenda statement.