In a meeting that lasted just over 15 minutes, the Collinsville City Council unanimously voted to adopt a new property tax rate of 0.664109 per $100 valuation within the incorporated city limits.
This new rate is about 8% higher than the city’s current property tax rate of 0.591085, according to the motion.
A public hearing was held during which only one resident, Ken Kemp, addressed the council. He explained that while he acknowledged the city’s financial need to increase property taxes, he felt that the proposed increase was too much, too soon.
According to his calculations, Kemp said that the city would need to increase revenue by ¾ of a penny to be revenue neutral. To account for inflation, it would need to be even more. But he felt the proposed six cents was too high.
“There ought to be a compromise,” he said. “Is this fair? Is it too much, too quick? I think it’s a little much for taxpayers at this time.”
Despite asking for the council to take his concerns into consideration, the group approved the increased property tax rate. The vote passed 4-0, with Alderman Carl Lucas absent.
Following the tax rate approval, the council ratified the property tax increase reflected in the new budget, which will require raising more revenue from property taxes than in the previous fiscal year.
Source: Freepik.com