The Fayetteville City Council responded to the slowing economy Aug. 14 by rolling back property taxes for 2008 to 2.988 mills, a decrease of .002 mills that matched the reassessment portion of the tax digest.

Council members took less than five minutes to hear the rollback recommendation from Finance Director Lynn Robinson and cast a unanimous vote.

“The reassessment portion of the tax digest is equivalent to .002 mills,” Robinson said. “The net millage rate after the rollback would be 2.988 mills with a General Fund millage rate of 2.238 mills and a Capital Projects Fund millage rate of .75 mills. The overall digest increased by 4.01 percent with a net increase after the rollback of 3.94 percent.”

Also in her report, Robinson said the total tax digest stands at $2,791,010, with a mill being currently valued at $934,073.

The city’s overall digest growth for 2008 was significantly lower than any of the past five years. The net increase in the digest for 2008 was 3.94 percent, compared to a five-year low of 7.04 percent in 2003 and a high of 13.10 percent in 2004. The digest increased an average of 9.634 percent, according to the city’s five-year history.

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