The Taylorsville City Commission approved the first reading of a tax ordinance Monday night that would raise both tax rates on both personal and real property.
Last year, the tax rate on real property in the city was 16.70 cents per $100 of assessed value. Under the ordinance, the new rate will be 16.90 cents. Last year, the rate generated $151,851 in revenues. The new rate is estimated to bring in $154,642.
Last year’s real property tax rate of 20.88 cents per $100, brought in $15,785, with the proposed new rate of 21.66 cents expected to yield $16,464.