The equalized assessed value of properties within the city of Monmouth is projected to jump 10% next year, allowing the city’s tax rate to drop below $3 per $1,000 of equalized assessed value.
The increase largely comes from Americold Logistics, a cold storage warehouse facility, going back on the tax rolls after 10-year enterprise zone tax abatement. That will increase EAV from $92.9 million to $101.9 million.
“This is, I think, a very good example of how communities benefit by providing economic incentives to businesses,” said City Administrator Lew Steinbrecher.
With the higher EAV, the city tax rate is expected to fall from $3.16 to $2.98, while the levy amount increases to over $3 million for property taxes collected by the city in 2026.
“This is the effect of having that growth in the EAV. The denominator in the formula has now increased significantly, so it actually reduces the actual rate on property. So even with an increase of over 5% in the levy, next year most property owners will experience a decrease,” Steinbrecher said.
About 74% of the levy will fund police and fire pensions, with smaller portions supporting general operations and debt service.
A public hearing is set for Dec. 1 because the levy increase exceeds 5%.
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