LOUISBURG — The city’s property tax levy would hold steady at 34.454 mills in the proposed 2020 budget — the same mill rate as last year and in 2018.
Maintaining status quo with the mill levy should still generate more property tax dollars because the city’s assessed property valuation increased.
The city’s assessed valuation for 2020 is estimated at $47,638,265, up nearly $3.5 million from last year’s assessed valuation of $44,184,087, according to the proposed budget.
The increase in Louisburg’s property values continues an upward trend. In 2018, the city’s assessed valuation was a little more than $39.24 million.
One mill currently is estimated to bring in about $47,638, City Administrator Nathan Law said.
Property values have jumped more than $8.5 million in the past two years in Louisburg. With the mill levy remaining flat, the city’s portion of a property owner’s tax bill could increase or decrease if their property changed in assessed value. Other taxes are factored into a property owner’s overall tax bill, including mills levied by the county, the school district and other taxing entities.
The current estimate for 2019 puts total property taxes levied by the city at a little more than $1.52 million. The proposed budget, because of the higher assessed valuation, estimates the total taxes levied in 2020 at just over $1.64 million.
At their meeting Monday, July 1, council members voted 5-0 to publish the budget summary and set a budget hearing for 6:30 p.m. Aug. 5 at City Hall. The public hearing will take place during the council’s regular meeting that evening.