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Posted: June 30, 2010 12:30 a.m.

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Oxford adopts rollback rate

The Oxford City Council has decided they will not raise taxes and has elected to go with a rollback rate, which has increased the millage rate, but will ultimately cost homeowners less money due to a decrease in property values.

"Each year we have to decide if we plan to raise taxes in the city, if we’ll have the same millage rate or if we will use what is called a rollback millage rate, which is how the county calculates to determine what the rate would be," said council member George Holt.

"There will not be an increase in taxes but the rollback rate is a few points higher then the current millage rate," he said. "The reduction in property value makes the offset where it still comes back with a zero increase in taxes."

According to Oxford Mayor Jerry Roseberry, the city has done the same thing for the last five years.

According to a tax digest and five-year history of levy from the city, in 2009 the net maintenance and operations digest was $28,547,103 and the proposed 2010 maintenance and operations digest is $24,594,673 — over $3 million less.

The net maintenance and operations millage in 2009 was 5.51 and the proposed for 2010 is 6.28, but the net amount of taxes levied in 2010 will be $154,455 — $2,840 less, or 1.81 percent less, than what was collected in 2009.

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