For the ninth year in a row the 2019-2020 property tax rate and bank franchise rate for Somerset should look exactly the same - as long as Somerset council members approve those rates in a couple of weeks. Council held the first readings for both tax rates at Monday's meeting.
The proposed property tax rate for the fiscal year of 2019-2020 is to be $0.13 for each $100 of taxable property.
A 2 percent discount will be given if the bill is paid before November 1, 2019, while a penalty of 20 percent (plus an interest of 6 percent) will be added for any bill not paid until after January 1, 2020.
This same rate has been in effect for the city of Somerset since 2011.
As for the bank franchise and local deposit tax, the rate will hold at 0.025 percent on all deposits.
Any bank franchise bills not paid before June 30, 2020 for the tax year of 2019, or not paid before January 31 for all subsequent tax years will have a 20 percent penalty and a 6 percent interest rate added on.
A 2 percent discount will be given to financial institutions which pay before December 31. Bills are due before January 31, 2020
The money collected will go into the General Fund account.
A second reading and vote for both tax rates is scheduled to take place at the council's next meeting - which will be the last Somerset Council Meeting to take place at 7 p.m.
Council members voted unanimously to move the council meeting's start time to 6 p.m., a decision that brought a round of applause from the audience after being prompted by Mayor Alan Keck.
Keck himself said he was excited by the change because it means getting home to his family an hour early.
The first 6 p.m. meeting should take place on September 9. City Attorney John Adams said the delay was due to the city's requirement to publish the ordinance.
Somerset's council meetings take place on the second and fourth Mondays of each month.