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City has first reading for compensating tax rate City Council meeting Tue 6 Sep 2016 Property tax budget estimate is $530,000. Alcoholic beverage sales tax receipts were approximately $8,000 for the month of July plus 2 days in June. City Clerk is estimating a leveling out of approximately $110,000 a year for the City, from sales alone, but license fees. Sales tax goes to law enforcement. License fees go to City General Fund Click on headline for complete story By Ed Waggener The Columbia City Council had a first reading to set the tax rate for 2016. The rate being considered, subject to possible adjustments at the second reading, is for a "compensating" tax rate. According to City Clerk Rhonda Loy, that is the rate the which would mean the same amount of tax would be paid by an individual if the assessment remains the same. The assessment is set by the Property Valuation Administrator. The compensating rate for 2016 is $.253 for each $100.00 worth of property. Last year, the rate was slightly higher, $.2625. The City has budgeted receipts of $530,000 for the fiscal year based on this rate. That could change upward when new property is factored in. Clerk Loy, who is also the City ABC administrator, said that the city received approximately $8,000 in alcoholic beverage sales tax for the month of July plus two days in June. That would annualize to around $96,000 for the year, but she said that she thinks the total will be nearer to $110,000 after restaurants, and new outlets are considered, and also taking into account the prospect of reduced sales and therefor reduced revenue after alcoholic beverage outlets are opened in Cumberland County and Metcalfe County, both of which have voted to become wet. This story was posted on 2016-09-07 09:21:43
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