Nixon adopts no-new-revenue tax rate

Nixon City Council members unanimously adopted a 2024-25 fiscal year tax rate of 31.76 cents per $100 valuation during a special called meeting Thursday, Sept. 26.

The new tax rate represents a decrease of 1.24 cents, or 3.76 percent, from last year’s tax rate of 33 cents per $100 valuation. It is also equivalent to the no-new-revenue rate, or the tax rate for the 2024 tax year that will raise the same amount of property tax revenue from the same properties in both the 2023 tax year and the 2024 tax year.

Nixon is expected to take in $505,508 in tax levy from all properties this year, an increase of $9,083, or 1.83 percent, above the $496,425 raised from taxes in fiscal year 2023-24.

Nixon does not have a debt service rate, so the entire 31.76-cent tax rate goes to fund maintenance and operations (M&O) for the city. Council members could have proposed up to a voter approval rate of 36.05 cents without triggering an automatic election to seek voter approval of the tax rate.

The average homestead value in Nixon increased this year from $76,138 in 2023 to $87,037 in 2024, a difference of 14.31 percent or $10,899. This has resulted in the tax on the average homestead increasing from $251.26 in 2023 to $276.43 in 2024, an increase of $25.17 or 10.02 percent.

There were no public comments at the meeting, which lasted less than five minutes.