What it is The current property tax rate in the city of Newton. According to the city’s 2012 budget document, a mill is $1 of tax for every $1,000 of assessed value on real and personal property. Taxes are levied in the previous year to finance the current budget (for example: 2011 taxes are used to finance the 2012 budget).
Measuring funds The city’s property tax revenue in 2011 was about $4.79 million (this figure includes back tax collections).
According to the city’s 2011 popular annual financial report, more than half (56 percent) of the city’s funds are supported by property taxes. About 35 percent are enterprise funds (water, wastewater, sanitation, etc.), and the remaining 9 percent is supported by other sources.
What is my money used for? About 34.482 mills are dedicated to the city’s general fund, which is the primary operating fund. This fund includes the city’s judicial, law enforcement and fire/EMS functions. The library accounts for about 5.597 mills, and debt service accounts for 4.404 mills. The airport and special liability (the city pays for a portion of its insurance out of this fund) make up the remaining mills.