Walton’s property tax rate will increase slightly from the last fiscal year if the proposed rate is passed.
The city council held a first reading of an ordinance that would set the rate during its meeting on Tuesday.
According to city attorney Michael Duncan, the compensated tax rate for real estate would be $0.091 per $100 of property valuation ( $0.91 per $1,000), and for personal property it would be $0.110 per $100 of property valuation ($1.10 per $1,000).
“It is a slight increase in the rate but because of the valuation fluctuation of real estate in the city, it’s going to generate about the same amount of money [for Walton,” said Duncan, adding that the rate will be three-tenths of a cent higher than last year.