By Tia Lynn Ivey
The Madison Mayor and City Council unanimously voted last week to officially adopt the rollback millage rate for the new fiscal year. Madison includes three tax districts, each with their own millage rate: a citywide district, the Downtown District and the Corridor District.
The citywide millage rate will be dropped to 5.908, down from 6.127.
The Downtown millage rate will be dropped to 1.093, down from 1.187 and the Corridor millage rate will be dropped to 1.277, down from 1.286.
Karen Stapp, chief finance officer for the city, made a presentation to the council showing how dropping the millage rate for all three of the city’s tax districts is feasible for the year.
“The digest has increase by $11 million dollars,” said Stapp.
City Manager David Nunn pointed out that the increased property assessments of the city’s property digest will bring in more tax revenue for the city.
“Assessments went up due to a combination of new construction and increased property values,” said Nunn.
“This rate should levy a little over $1.4 million for real and personal property,” estimated Stapp.
Stapp also presented research to the council on surrounding cities, showing that Madison has the third lowest millage rate in the area. Stapp also noted that that the two cities with even lower millage rates have far less city services for its residents.
I would like to thank David [Nunn] and his staff,” said Councilman Joe DiLetto. “I think you all have done an incredible job…in spending money wisely and I appreciate your service a lot. As we go back and look over the years, we have gotten much more mean and lean in our budget and it could not have been done without a lot of effort.”