The Mount Vernon City Council held its first reading on setting tax levies for property tax within the city, which is projected to raise $1.24 million. The resolution was heard during its Sept. 9 meeting.
According to the draft minutes of the council's Sept. 9 meeting, the Budget Commission adopted a modified tax budget for the next fiscal year beginning Jan. 1, 2025. The amount was certified along with an estimate by the county auditor of the rate necessary to be levied for each tax by the council.
The draft minutes indicated that the county auditor's estimated tax rate for the General Fund would be 2.60 mills, which would raise $1.01 million. A 0.30 millage rate for the Police Pension would raise $117,000, with the same millage rate for the Fire Pension raising an equivalent amount in tax revenue.
The rates are within the 10-mill limitation. Under the Ohio Revised Code, the aggregate amount of taxes levied on any taxable property in any subdivision or other taxing unit shall not in any one year exceed 10 mills on each dollar of tax valuation of such subdivision or other taxing unit. Special levies authorized by voters in excess of the 10-mill limit are an exception allowed by code.
