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The Owen County Public Library Board recently met with a financial advisor and subsequently voted to levy its tax rates at the compensating level, which means it will not be taking any additional tax revenue.
The district’s real estate rate will be 11.5 and tangible or personal property, aircraft and water-craft at 20.0.
The property tax rate certifies that 11.5 cents per $100 of assessed value of real property and 20.0 cents per $100 of assessed personal property will be paid to the library district.
The real-estate rate is less than last year’s, which was set at 11.6. The tangible or personal property, aircraft and water-craft will remain the same.
Owen County Public Library Board President Richard Matthews said the compensating rate provides about the same income as the previous year.
“The compensating rate is supposed to provide the library with revenue approximately equal to the previous year’s income,” Matthews said.
To calculate the compensating rate, agencies determine a percentage based on current total value of property in the taxing district. The agency then sets a percentage that will ensure the same amount of money is collected as the previous year.
Had the board opted to take the 4-percent increase, the district would have received 4 percent more income than will be produced by the compensating rate.