NOTICE OF PUBLIC HEARING ON TAX INCREASE

NOTICE OF PUBLIC HEARING ON TAX INCREASE

A tax rate of $0.7476 per $100 valuation has been proposed by the governing body of City of Olney.

PROPOSED TAX RATE
$0.7476 per $100

NO-NEW-REVENUE TAX RATE
$0.7208 per $100

VOTER-APPROVAL TAX RATE
$0.7476 per $100

The no-new-revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property tax revenue for City of Olney from the same properties in both the 2020 tax year and the 2021 tax year.
The voter-approval rate is the highest tax rate that the City of Olney may adopt without holding an election to seek voter approval of the rate.
The proposed tax rate is greater than the no-new-revenue tax rate. This means that the City of Olney is proposing to increase property taxes for the 2021 tax year.

A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 27, 2021, at 6:00 PM at Olney City Hall.

The proposed tax rate is not greater than the voter-approval tax rate. As a result, the City of Olney is not required to hold an election at which voters may accept or reject the proposed tax rate. However, you may express your support for or opposition to the proposed tax rate by contacting the members of the Young County Elections of City of Olney at their offices or by attending the public hearing mentioned above.

YOUR TAXES OWED UNDER ANY OF THE TAX RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS:
Property tax amount = ( tax rate ) x ( taxable value of your property ) / 100

FOR the proposal: Tom Parker, Harrison Wellman, Brad Simmons, Chuck Stennett, Terri Wipperman

AGAINST the proposal: None

PRESENT and not voting: Rue Rogers, Mayor

ABSENT: None

The 86th Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state.
The following table compares the taxes imposed on the average residence homestead by the City of Olney last year to the taxes proposed to be imposed on the average residence homestead by the City of Olney this year.

For assistance with tax calculations, please contact the tax assessor for the City of Olney at 940-549-2392 or youngcad@youngcad.org, or visit https//young.truithintaxation.com.