Newark residents can expect a slight bump in the property tax rate next fiscal year.
Thursday night the city council approved a proposed tax rate of 57.16 cents per $100 valuation. Last year’s rate was 52.7 cents. The increase is due to a lowered certified valuation by the Wise County Tax Appraiser’s Office.
Citywide, property values dropped by approximately $3 million in the most recent appraisal. Due to the lowered values, many people’s taxes will show no increase despite the higher rate.
“We are setting it at the effective tax rate,” said councilman Bob Wells. “This will give us the same amount we had last year. Because of decreased property values, it will not be a tax increase. We cannot afford to go back. So going to .5716 keeps us where we were last year.”
Newark’s total taxable value dropped from $42 to $39 million, a decline of 6.35 percent. Only the City of Chico, with a drop of 7.27 percent, had a more significant decline in the county.
Newark followed a countywide trend with the drop in values; only the cities of Alvord, Bridgeport, Boyd and Decatur posted a gain.
The council plans to hold one more budget workshop at 7 p.m. Thursday, Aug. 30, before they vote to adopt a tax rate and budget at a called meeting 7 p.m. Thursday, Sept. 13.