The Oakland Town Commission typically raises its proposed millage rate one mill each year to allow for a buffer when planning the next fiscal year’s budget and then drops the rate back down to the previous year’s rate. The 2014-15 budget year should be no different.
Commissioners voted unanimously at the July 8 meeting to set the proposed rate at 7.75, one mill higher than last year’s rate.
The officials will hold the first adoption hearing on the town’s tentative budget and millage rate at their Sept. 10 meeting, which begins at 6:30 p.m.; the final millage and budget hearing is set for 6:30 p.m. Sept. 23. Finance Director Becky Rotroff said the town does not expect to hold any budget workshops.
The Orange County Property Appraiser’s office will mail the notices of proposed property taxes to residents Aug. 24.
Last year’s millage rate in Oakland was 6.75, and the total budget was approximately $7.4 million. This year’s budget has not been determined, but Rotroff said the ad valorem rate is increasing because the town annexed property and Oakland’s assessed value has gone up.
The current assessed value is $202 million, she said, and last year’s was $192 million.
The town operates with a three-part budget composed of the General Fund, Utility Fund and School Operations for Oakland Avenue Charter School.