GRANITE SHOALS — During a special meeting Sept. 18, the Granite Shoals City Council passed an ad-valorem property tax rate for the 2018-19 fiscal year.
The new tax rate is 59.6 cents per $100 valuation, up from 56.313 cents for the 2017-18 fiscal year.
The tax rate won’t mark an increase for the maintenance and operations portion, but the interest and sinking, or debt service, portion of the rate will increase to 24.7 cents, up from the 21.485 cents.
It’s an overall increase of 3.287 cents.
City officials had said the increase on the interest and sinking portion of the rate is a result of voters reconfirming the $3 million road bond to address Prairie View, Valley View, and Phillips Ranch Road.
“It would seem to me that would be the case,” City Manager Jeffery Looney said.