COUNCIL SETS 2010 PROPERTY TAX RATES

The Richmond Heights City Council approved municipal tax rates for 2010 at the regularly scheduled Council meeting on Mon., Sept. 20, 2010. The tax rate adjustment reflects a slight increase — $0.059¢ per $100 of assessed valuation — in residential real estate taxes resulting from an overall decrease to residential real estate property values over the last two years. Residential tax rates that will be reflected on residential property tax bills this coming December are as follows: City General Fund: 0.329¢ per $100 of assessed valuation. Memorial Library: 0.172¢ per $100 of assessed valuation. Police & Fire Pension Fund: 0.290¢ per $100 of assessed valuation. Residential property owners will pay municipal taxes totaling $0.791 per $100 of assessed valuation. In 2009, they paid $0.732 per $100 of assessed valuation. Municipal taxes on a home valued at $100,000 will increase by $11.21 this year.