Radcliff residents can expect to see a lower than usual property tax bill, if the rate proposed Tuesday holds.
During its meeting, city council heard a first reading of its ad valorem tax ordinance, which proposes a .150 on every $100 of real property and .174% on every $100 of personal property.
“The real property tax … is the lowest we’ve had since (Chief Financial Officer Chance Fox) went back and did the numbers,” Mayor J.J. Duvall said during the council meeting.
Using the state’s standard formula, both rates are lower than the previous year.
“In calculating this year’s rate, there was a fair amount of growth in assessed values, which actually drove down the tax rate,” Fox told the council last week during its work session.
What it means for the city is they expect to collect more revenue from the taxes than last year, even with the lowered rates.
The council also approved an ordinance amending the previous fiscal year’s budget, which saw increased revenue property tax collections and the payment of all city debt. Coupled with federal COVID-19 relief money, it left the city with a $1.9 million surplus.
Some large-ticket items included a down payment on a new ladder truck for the fire department, a new computer-aided dispatch system for the police department and blacktop of several city streets.
The council Tuesday authorized Duvall and his administration to purchase items or begin projects on the preapproved list.
Gina Clear can be reached at 270-505-1418 or firstname.lastname@example.org.