Property taxes remain stable
The tax picture for New Richmond residents is looking pretty bright following the City's approval of its levy Monday night.
The City's mill rate bumped up slightly this year compared to 2008, but a new state tax credit means many people will see no increase in taxes this year.
According to Joe Bjelland, the City's budget will rise about 6 percent this year. But with a $15 million hike in the community's assessed value, there will be minimal impact on individual tax bills because more people will be helping to pay for the increasing costs.
Tax levels for the School District, County, State and Wisconsin Indianhead Technical College all had small increases or decreases compared to last year.
"With the way the economy is going, it's good that taxes won't be going up," Bjelland said. "It's amazing, actually, with two new schools coming into the community."
The new tax credit was tacked onto the state budget bill at the last minute to provide property tax relief to property owners, Bjelland said.
For an owner of a home valued at $100,000, the credit means a $34 reduction in overall taxes.
When the new credit is factored in with the existing state Lottery Credit, the owner of a $100,000 will see a tax reduction of $4 this year. The owner of a $200,000 will see an $8 decrease in property taxes.