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MURRAY OKS AN INCREASE IN 2 PROPERTY TAX RATES

The City Council this week approved a slight increase in the certified property tax rates to compensate for declines in collections and assessed valuations over the past year.

The general fund rate was increased from .001555 for the past fiscal year to .001583 for the fiscal year beginning July 1. The library fund rate was raised from .000550 to .000560.The increases mean that for a resident whose home has an assessed valuation of $50,000, property taxes will go up $1.90.

The increases will bring in an additional $91,000 for the general fund over last year and about $18,000 more into the library fund.