Present members of the Nome Common Council voted to set the mill rate for 2024 at 11.5, marking an increase from the previous year’s rate of 10.5. The resolution, identified as No. R-24-05-04, was read during a City Council meeting held on May 28.
For property owners, this adjustment will mean higher property taxes. The mill rate is used to determine local property taxes, with one mill representing one-tenth of a cent. Consequently, a property assessed at $100,000 will incur $1,150 in taxes, compared to $1,050 in 2023.
The increase marks a change in trend for the mill rate following two consecutive years of reductions. 2021’s mill rate was set at 13 and 2022 at 12.
The new mill rate will be used to calculate revenues for the city’s FY2025 budget due to be finalized in two weeks. In a draft version of the budget the city anticipates increases in contributions to the Nome Police Department, Nome Public Schools, and the Port Operating Fund among other items.
Council members also approved the General Fund Municipal Budget at $17,948,567.33 for the 2025 fiscal year.
The resolution awaits a final signature from City of Nome Mayor John Handeland.
Correction 5/30/24 7:50 a.m. A previous version of this story suggested the Nome Common Council voted “unanimously” in favor of the mill rate increase. Council Member Scot Henderson was absent from the meeting and did not place a vote.
