By Adam Armour/The Itawamba County Times
The Fulton Board of Aldermen have voted to drop the city’s millage rate for the first time in more than 20 years.
Effective immediately, the city now has a tax millage rate of 31 mills, down from 33 mills. According to Mayor Paul Walker, most residents likely won’t notice a change in their taxes, though some inevitably will.
The board voted unanimously for the change during a special budget meeting.
Previously, the board considered keeping the rate at 33 mills, as it has been since 1988. By doing so, some residents might have actually had to pay more in property taxes due to an increased value per mill.
According to the mayor, the city would have likely brought in an additional $62,000 per year if the millage rate had remained the same. That extra money would have helped cover the city’s rising expense costs.
“We don’t know how long we can hold this amount down,” the mayor said. “It could be two years; it could be 10 years. But, we just want to try to help where we can.”
According to Alderman Kevin Nolan, those residents whose property taxes increased won’t notice any savings, but those whose property values stayed the same will see a slight decrease. He said most people will save approximately $10 per $50,000 in value.
Walker said it’s not much, but the slightly lower millage might help some residents feel better about the future.
“We’re trying to put the people’s money to the best use possible, and in this case, it’s just better to put it back in their hands,” the mayor said.
Adam Armour can be reached at 862-3141, by e-mailing adam.armour@itawamba360 .com or by visiting his blog at itawamba360.com.