OAK HILL -- The city's $1.6 million budget for the new fiscal year that begins Oct. 1, will require a tax increase, despite wage freezes and no new equipment purchases.
The tax rate to support the budget, approved Monday, requires $5.79 per $1,000 of assessed property value, which is still more than a percentage point higher than the rolled-back rate of $5.72, which is considered a break-even rate by the Florida Legislature, and therefore not a tax increase because it would have generated the same amount of revenue minus new construction.
Thia past fiscal year, residents paid $4.75 per $1,000.