Miami County Commissioners say that the preliminary budget for next year will exceed the Revenue Neutral Rate. Revenue Neutral means adjusting the mill levy so that the taxing entity brings in the same amount of property tax revenue as the previous year. Miami County’s current mill levy is 40.380, and to remain Revenue Neutral, the mill levy would need to drop to 34.516. The proposed mill levy would be 36 point 4, a decrease of 4 mills, but they will still generate more property tax revenue due to an increase in the County’s assessed valuation.
Commissioner Jene Vickrey voted against the motion to exceed Revenue Neutral, stating that he believes the budget is still too large and will be difficult to maintain moving forward.
A public hearing to discuss the issue will be held August 30th at 1:00 in the afternoon at the Miami county Administration Building.
