Wise County mineral valuations dropped 55% compared to last year’s certified values, representing a one billion dollar ($1,000,000,000) decrease to the county’s tax roll. Approximately one hundred million dollars ($100,000,000) of that one billion dollar decrease is in the city of New Fairview. The New Fairview ad valorem voter approved rate in 2022 was .261 cents per $100 valuation. In 2023 it was slightly lower at .258. Now in 2024 the rate is .329. This increase is a direct result of the decrease in mineral valuation. Other property assessed valuations are up but our current tax base is not large enough to offset a 55% decrease of minerals. The City Council will vote September 10th on the proposed budget and tax rate. Previously the Council approved the maximum 2024 tax rate would be the voter approved rate of .329. Interestingly the calculated “no new revenue” rate .36 is higher than the “voter approved rate”. So the 2024-2025 fiscal budget will be approximately $100,000 less than the current budget. There will be more details about the fiscal cuts and proposed budget at the City Council Meeting Monday, 6pm, 7pm August 19, 2024.