By Mark Cowling | Florence Reminder
FLORENCE — Florence’s tax rate will increase slightly, from $1.1182 per $100 of assessed value to $1.1345, according to an ordinance the Town Council approved Monday night.
This results in an increase of less than $2 on the tax bill for a $100,000 home, Town Finance Director Joe Jarvis told the council. State law requires the council to adopt a property tax rate and levy for the new fiscal year, which began July 1.
The old rate has been in effect since 2014. If the town had kept it for another year, it would have resulted in the need to cut $14,618 from the town’s general fund budget, Jarvis said. The additional funds will help implement the five-year strategic plan which the council approved this year, he said.