Dexter Board of Aldermen reviews tax rate

The tax increase created no public outcry at the Dexter Board of Alderman meeting Tuesday. The 1.34% tax rate increase included in Ordinance 5149 was read 2 times, passed and unanimously approved.

The ordinance provides for taxes to be levied upon all assessed real estate, personal property, railroad and utility (state and local assessed) for the general revenue fund and library fund for fiscal year beginning July 1.

To fund general revenue, the city will collect a sum of $0.6013 on the $100 assessed valuation total of $117,850,449. The city of Dexter will collect a sum of $0.1682 on the $100 assessed valuation total to be used as a Public Library Fund. The total tax rate of $0.7695 is up 1.34%. Since 2021, the tax rate of $0.7557 remained constant.

The assessed real estate valuation is up from $80,015,090 to $81,596,999. The assessed personal property is down from $31,469,700 to $29,213,240. The state assessed railroad and utility valuation is up from $6,054,656 to $6,329,673. The local assessed railroad and utility valuation is down from $877,339 to $710,547.

The city of Dexter will budget $906,860 from property tax revenues for fiscal year 2024. It was learned the general fund tax ceiling is $1.00 per $100 assessed valuation. The library fund tax ceiling is $0.20 per $100 assessed valuation.