As of Thursday, July 11, 2013
© Copyright 2014
Clayton News Daily
LOVEJOY — City officials plan to vote next month on whether to lower Lovejoy’s millage rate.
The city’s financial advisor told the city council Monday that it would be able to reduce its millage rate for the second straight year.
The council lowered the rate from 9 mills to 7.57 mills last year and is expected to reduce it to 7.47 mills this year.
Mayor Bobby Cartwright said he hopes to continue to cut property taxes in the city, however small the amount.
“We’ve always talked about wanting to continue to ease our taxes down,” he said. “The council is not going to raise the millage rates. I would love to get our city down to 6 mills in taxes eventually.”
Cartwright said that last year’s property values fell slightly alongside declining Local Option Sales Tax revenues.
The drops left a $2,200 deficit from last year’s projections. However, he said the council’s budget included a hefty buffer to absorb that divergence away from the projections.
Cartwright said he also believes growth in the 2.2-square-mile city of about 7,500 residents indicates a larger tax base is ahead for Lovejoy.
Council is scheduled to vote on this year’s millage rate at its Aug. 12 meeting.