City council in Benton approves 0.4 mill tax cut in 2017

BENTON, Ark. (AP) - Benton property owners are getting a tax cut in 2017.

The Arkansas Democrat-Gazette reports (https://bit.ly/1MhGLu9 ) that the City Council passed a 0.4-mill decrease in the city’s personal and real property millage rates Monday. The reduction will appear on tax bills in 2017.

A county assesses property at 20 percent of its appraised value. A mill is one tenth of a cent, with each mill producing $1 in revenue for every $1,000 of valuation.

For a homeowner with a $100,000 house, the drop in the real property millage rate from 4.5 mills to 4.1 mills means a $8 decrease in taxes - from $90 to $82.

The reduction will reduce city revenue by about $171,000. The drop in the city’s millage rate won’t affect taxes collected by the Benton School District.

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Information from: Arkansas Democrat-Gazette, https://www.arkansasonline.com