New Baltimore City Council members unanimously approved the city’s 2012-13 budget during Monday night’s meeting at City Hall.
The approved general fund budget projects about $5.5 million in revenue and roughly $5.3 million in appropriations, estimating a general fund gain of about $200,000.
Under the approved budget, property taxes will increase by .273 from the 2011 millage of 14.94, meaning households with taxable values of $100,000 will pay $4,174 annually. The tax rate includes the recently passed Anchor Bay Schools tax for the aquatic center and will be divided into the winter and summer tax bills.
“(Tax rates) fluctuate every year because we have three bond proposals, which were voted on by the residents, and now we’re paying back the payments, like a loan,” New Baltimore Treasurer Jeanne Bade said Monday prior to the meeting. “Because the property values dropped to where they are and because the payments adjust every year, we are having the increase.”