When the new fiscal year begins on July 1st, the property tax rate in Oak Ridge will increase for the first time in a decade.
Monday, the City Council approved its budget on second and final reading, including a two-cent increase in the property tax rate that will take it from $2.52 per $100 of assessed value to $2.54.
The revenue generated by the tax increase will help pay for construction of the city’s new Senior Center, new preschool and renovations to Scarboro Park. City Manager Mark Watson says the tax increase will pay for further work and preliminary site preparation until bonds to fund all three projects are issued.
The vote was 6-1 with only Vice Mayor Rick Chinn dissenting.