The new tax rate was established by ordinance following a public hearing at Monday night's special alderman meeting. No one addressed the council during the tax rate hearing. Alderman Dale Schmuke, Ward 2 was not at the meeting.

The overall tax rate includes 52.41 cents for the general fund and a parks tax rate of 12.62 cents.

The tax rates are based on the latest assessed valuation figures provided by the county. Tax rates are set annually for the city's general fund and the park fund.

Mayor Mike Livengood said the rate is a "slight" increase from last year's rate. The total 2008 tax rate was 63.89 cents per each $100 of assessed valuation. "I don't think we had a major increase in taxes since I can remember," said Mayor Mike Livengood.

According to the 2009 assessments, the city's real estate total valuation was $135,119,833 and the personal property total was $29,282,260.

The rate is set to generate revenues for the budget year beginning July 1.

Each rate is determined by dividing the amount of revenue required by the current assessed valuation. The result is multiplied by 100 so the tax rate is expressed for $100 of assessed valuation.