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New Bloomfield lowers property tax, sells 2 vacant lots

New Bloomfield lowers property tax, sells 2 vacant lots

August 15th, 2014 in News

The New Bloomfield Board of Aldermen approved a lower property tax rate and approved selling two vacant lots in the city at its meeting Thursday, Aug. 14.

The state auditor makes recommendations on what tax rates cities should set. The state auditor recommended slightly different tax rates for New Bloomfield. The amount of the tax rate put towards debt service purposes used to be $0.9005 on every $100 assessed valuation. Now, the rate will be $0.8960 on every $100 assessed valuation. New Bloomfield has enough funds in its debt reserve, which is why the city was able to lessen the amount it collects from residents to add to that fund.

The amount of taxes put towards general municipal purposes used to be $0.3147. After looking at the state auditor's recommendation, it will be increased to $0.3177. The difference between this increase and the decrease in the tax for the debt reserve leave New Bloomfield residents paying less on taxable property.

The Board of Aldermen held a public hearing at 5:30 p.m. on Aug. 14 to hear public comments before proceeding with a vote on the tax rate changes. No residents showed up to the public hearing and the board had not received any public comments opposing the tax changes prior to the Thursday meeting.

The board also approved selling two vacant lots next to the New Bloomfield post office to the Missouri Rural Water Association. The Board was unable to comment on what the Missouri Rural Water Association had planned for the land. It purchased the land from the city for $4,500.

Megan Favignano can be reached at (573) 826-2417 or megan@fultonsun.com.