Milton city residents will pay 3.7% more in property taxes to support city operations in 2020, according to a budget approved Tuesday by the Milton City Council.
The budget calls for the city to collect $3.41 million in property taxes for city operations, up from $3.29 million this year.
City spending will rise 2.7% to $5.09 million.
The tax rate to support city operations will increase 3.4% to $9.79 per $1,000 of assessed property value.
The tax rate includes 7 cents per $1,000 to help pay down long-term debt.
The 7 cents per $1,000 will generate an additional $25,000 in property taxes that Finance Director Dan Nelson said will be used to more quickly pay a final debt service payment of $215,000 due in 2027. The debt is part of $4.9 million borrowed in 2007. Nelson’s plan is for tax rate adjustments over four years to more quickly pay off the debt. Future changes would require future approvals within future budgets, Nelson said.
When combined with spending plans adopted by the Milton School District, Rock County and Blackhawk Technical College, Milton city residents will be paying $25.85 per $1,000 of property value, an increase of 10.8%, City Administrator Al Hulick said.
Individual rates for the taxing entities other than the city are as follows:
- Rock County: $6.28 per $1,000, up 2.1%
- Milton School District: $9.92 per $1,000, up 25.2%.
- Blackhawk Technical College: $1.19 per $1,000, up 2.6%
Other numbers affecting the property tax bills of Milton city residents include the First Dollar Credit and the Lottery Credit.
The First Dollar Credit will increase from $54.68 to $65.74, and the Lottery Credit will increase from $132.80 to $182.40, Hulick said.