CAIRO — The Cairo City Council voted this week to finalize a property tax rate that will see no increase from last year.

Council members voted unanimously Monday to set a millage rate of 7.72 mills — the maximum millage rate possible based on the new tax digest that would not reflect a tax increase.

An ordinance authorizing the collection of $7.72 in taxes based on each $1,000 worth of assessed property will be voted on at the council’s next meeting October 12.

City officials expect the millage rate to generate an estimated $1.48 million in tax revenue to fund the $1.527 million fiscal year 2021 budget, with a calculated shortfall of slightly more than $45,800. 

Actual collections totaled more than $1.55 million in fiscal year 2020 on a rate of 7.71 mills, and City Manager Chris Addleton told council members he believes this year’s millage rate should provide similar returns.

No public hearings were held to discuss the new millage rate because it did not reflect a tax increase.

Council members also considered and rejected millage rates of 7.71 and 7.96 mills, the latter of which would be expected to fully fund the FY2021 budget but would have reflected a tax increase.