JONESBORO — During its regular meeting Monday, Oct. 9, the Jonesboro City Council unanimously voted to reduce its property tax rate.
The current rate is 8 mills and that was the proposed rate for the 2024 budget.
During discussion of the millage rate on Oct. 9, Council member Ed Wise made a motion for the rate to be reduced to 7.5 and it was approved.
Even though the proposed 8.0 millage rate was the same as the current rate, the City of Jonesboro was required by law to advertise it as a tax increase as property values have increased.
The rate of 7.5 means that an owner of a $100,000 home would pay $300 in City of Jonesboro taxes — $20 less than the 8.0 millage rate. That doesn’t count any county or school board taxes or any exemptions.
In October of 2022, the City Council voted to increase the millage rate from 7 to 8 mills for the 2023 budget.
The City of Jonesboro’s general fund budget for 2023 was set at $7,987,349.
The city budget is usually approved every December.
Read the full article here
