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W.O. Council Adds 1-Mill Tax Increase
By T.J. Martin
The Tube City Almanac
February 03, 2024
Posted in: White Oak News
White Oak Borough Council made it official Thursday night, unanimously passing a 2024 budget with a 1-mill tax increase after previously passing a no-tax-increase 2024 budget.
In December, council passed a $6.48 million budget which contained no tax increase using approximately $892,000 from the borough fund balance. That left about $723,000 in the fund balance.
But in January, council voted to reopen the budget and consider a 1-mill real estate tax increase.
Finance Committee Chairman Jason Russell said in January and repeated during Thursday night’s meeting, “Revenues are decreasing and expenses are increasing” to explain why council was imposing the 1-mill tax increase.
The tax increase will generate $382,134, meaning the borough will need to use only $516,625 from its fund balance to balance its budget.
For every $100,000 of assessed value, real estate taxes will increase $100 per year to $900 annually, or increase $8.34 per month to approximately $75 per month.
Originally published February 03, 2024.
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