The city of Alexandria discussed its 2024 ad valorem tax rate Thursday evening at the same rate as the previous year.
An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. The proposed rate is $0.14 per $100 of valuation, the same rate as 2023, with a compensating rate of $0.136. The compensating tax rate, at a minimum, allows the same tax revenue produced in the preceding year.
The 2023 rate of $0.14 produced revenue of $1,744,805. The expected revenue from the 2024 rate of $0.14 is $1,820,582. The compensating tax rate of $0.136 is expected to raise $1,768,565.
Revenue from new property and personal property is expected to be $23,739.