The Petersburg Borough Assembly on Monday approved property tax rates for the next year, taking effect on July 1. The millage rates are increasing area-wide.
A mill rate is how many dollars a homeowner pays per thousand dollars of their property’s assessed value.
Money from the tax is used to pay for education, public services, and bond debt that voters already approved.
The total mill rate for property within the municipal limits of Service Area One, the town proper, is increasing from 10.8 to 10.93 mills.
That exceeds the 10-mill cap on Petersburg’s property taxes because the portion that’s used to pay for bond debt doesn’t count towards that limit. There’s one year left to pay off two bonds in town, for the library and the aquatic center, that are paid for by Service Area One.
The area-wide mill rate, which includes property outside of town, is increasing from 5 to 6.64 mills.
The increases are generally due to area-wide services becoming more expensive.
The Assembly passed the resolution unanimously with no additional discussion during the meeting.
