53.8 F
Oxford

Tax Rate Increases Slightly in City; Stays the Same for County Residents

By Alyssa Schnugg

News editor

alyssa.schnugg@hottytoddy.com

The Oxford Board of Aldermen and the Lafayette County Board of Supervisors each approved their 2023-2024 budgets Wednesday.

Before approving the budget, the Oxford Board of Aldermen approved the city’s millage rate of 32.65 – a 1.95 mill increase from last year.

Mayor Robyn Tannehill said the increase was to help offset the rising costs of materials, equipment and the PERS increase mandated by the state legislature recently.

The tax increase will amount to about $40 a year on a $200,000 home.

The budget also includes a 4% cost of living raise for all city employees.

The Oxford School District mill rate is staying the same at 61.51, making the total millage rate for city residents 94.16 for the upcoming fiscal year. The fiscal year runs from Oct. 1 to Sept. 30.

The projected revenues, which come from fines, forfeitures, governmental services, licenses and permits, ad valorem taxes, and sales taxes, are projected to be nearly $40 million. There is about $6 million in cash being rolled over.

Taxes bring in the most revenue, with $14.5 million expected in ad valorem taxes, and sales tax should bring in $13 million.

Expenses are projected to be $38.8 million.

The biggest chunk of change out of the budget goes to the Oxford Police Department, which submitted a 12 million budget. The Fire Department has a $8.6 million budget.

***

Lafayette County’s millage rate is staying the same at 35.51.

The millage rate for county school taxes is 68.70 with a 2.47 mil for North West MS Community College, bringing the total Lafayette County millage rate to 106.68.

Projected revenues are $38 million.

The upcoming budget includes building a new animal shelter, a new sheriff’s department and jail renovations, a fire department addition, finishing West Oxford Loop up to Highway 7, a $2K COLA raise for full-time employees, and hiring five additional deputies.


Most Popular

Recent Comments

scamasdscamith on News Watch Ole Miss
Frances Phillips on A Bigger, Better Student Union
Grace Hudditon on A Bigger, Better Student Union
Millie Johnston on A Bigger, Better Student Union
Binary options + Bitcoin = $ 1643 per week: https://8000-usd-per-day.blogspot.com.tr?b=46 on Beta Upsilon Chi: A Christian Brotherhood
Jay Mitchell on Reflections: The Square
Terry Wilcox SFCV USA RET on Oxford's Five Guys Announces Opening Date
Stephanie on Throwback Summer
organized religion is mans downfall on VP of Palmer Home Devotes Life to Finding Homes for Children
Paige Williams on Boyer: Best 10 Books of 2018
Keith mansel on Cleveland On Medgar Evans