CBJ Mill Rate
The adopted operating mill levy for FY20 is 9.46 mills, an increase over FY19 of 0.10 mills. The debt mill levy is 1.20 for FY20, a decrease of 0.10 over FY19. This brings the total FY20 mill levy to 10.66, which is unchanged from FY19.
The CBJ has three overlapping taxing areas (Areawide, Roaded and Fire) plus a separate debt service mill levy. Property may be subject to taxation based on one, two, or all three of these levies, plus the debt service mill levy. Approximately 89.6% of taxable property is subject to the combined overlapping mill levy for the three taxing areas. A levy of one mill, assessed borough-wide, generates approximately $5.5 million in property tax revenues.
Understanding the mill rate: One mill is equal to one tenth of one percent (0.1%). In terms of dollars, one mill equals $1 per thousand dollars in taxable property value. The current mill rate is 10.66. That means that for every $1,000 in taxable property value, there is a tax of $10.66.
In 1995, the CBJ voters approved a 12-mill operational property tax levy restriction on taxable property. This means that the City Assembly cannot raise the mill rate above 12 mills ($12 for every $1,000 in taxable property value) to support general government operations. This restriction does not apply to tax levies for the debt service on general obligation bond. Debt service is the amount required to cover the repayment of interest and principal on voter-approved bonds and is in addition to the operational mill levy.
Applying the mill rate: This example assumes $300,000 in taxable property, located in all three operational areas (areawide, roaded, and fire service).
- $300,000 (property value) = 300 (number of thousands) x $1,000
- 300 (number of thousands) x 10.66 (total mill rate) = $3,198 (annual property tax)
- Of that $3,198 in property tax:
- $2,838 per year or $236.5 per month helps support all aspects of local government including schools, police, fire protection, roads and sidewalks, libraries, parks, recreational opportunities, public transportation, etc.
- $360 per year or $30 per month pays for the voter-approved bonds
|Roaded Service Area||2.30||2.30||2.30||2.45|
|Capital City Fire/Rescue||0.36||0.36||0.36||0.31|
|Total Mill Levy||10.66||10.66||10.66||10.66|