The Pacific Board of Aldermen set the 2013 property tax rate at .4194 cents per $100 of assessed valuation of property.

The new rate is an increase of .0240 cents over 2012, which was .3954 cents.

That rate will be applied to real estate and personal property when tax bills go out later this year.

The new tax levy was approved at the Aug. 21 board of aldermen meeting following a public hearing that drew no comments.

The tax rate is set to produce revenues, which the budget approved for July 1, 2013, shows are required from the property tax. The tax is determined by dividing the amount of revenue by the current assessed valuation.

Assessed valuation within the city was $88,971,280 in real estate, and $24,710,945 in personal property for a total valuation of $113,682,215.

While assessed valuation of property was down from $117,347,459 from the previous year, new construction valuation was $3,061,896, up from $298,312 the previous year for an increase of $2,763,584.