Walton City Council set its property tax rates for the next fiscal year during a special meeting Monday.
The compensated tax rate for real property will be $0.091 per $100 of property valuation ($0.91 per $1,000). It applies to all property subject to taxation for calendar year 2024 and is due by Nov. 1.
For personal property, the tax rate will be $0.110 per $100 of property valuation ($1.10 per $1,000). It applies to all personal property subject to taxation for calendar year 2024, and motor vehicles and watercraft subject to taxation for calendar year 2025.
Property taxes are broken down into several categories. The first and usually largest chunk of your tax bill is real property tax, sometimes referred to as real estate property tax. This is essentially a tax on everything you own that’s nailed down. For residents, this means houses and other real estate property. For businesses, this means office buildings and other buildings and facilities used to conduct business.
Tangible personal property, on the other hand, is another form of property that isn’t real estate. Depending on where you live, residents may not be taxed on personal property at all–this will vary by jurisdiction.
Depending on where you live, other tax-adjacent fees may apply.
How do property taxes work?
All revenue produced by the property tax will go towards Walton’s general fund, which is used to provide city services and cover operating expenses.
According to city attorney Michael Duncan, the new tax rates will not generate any additional money for the city, with the exception of new property.