Based on the recent budget proposal, the city of Yazoo City will increase its taxes by three mills pending a public hearing in two weeks.
For the next fiscal year, the city of Yazoo City plans to increase its tax millage from 82.37 to 85.55. The increase in millage will fund the new bond issuance for improvements around the city.
The city of Yazoo City is now operating with projected total budget revenue of $6,428,588.79. Of that amount, 52.34 percent or $3,364,588.79 of such revenue is obtained through ad valorem taxes. For the next fiscal year, the proposed budget has total projected revenue of $6,503,346.55. Of that amount, 53.54 percent or $3,481,846.55 is proposed to be financed through a total ad valorem tax levy.
The upcoming fiscal year budget comes with a 3.18-mill tax hike. That increase means that city residents will pay more in ad valorem taxes on homes, automobile tags, utilities, business fixtures and equipment and rental real property.
If the recent budget proposal is accepted by the Board of Mayor and Aldermen, that means that city taxes would have increased by a total of nine mills over the last two years. Last year, residents saw a six-mill increase.
The city council will hold a public hearing on its proposed budget and proposed tax levies for fiscal year 2020 on Thursday, August 22, at 5:30 pm in the City Hall board room, located at 128 E. Jefferson Street in Yazoo City.
Any citizen of Yazoo City is invited to attend this public hearing on the proposed budget and tax levies for fiscal year 2020 and will be allowed to speak for a reasonable amount of time and offer tangible evidence before any vote is taken.