The city of Mineola’s property tax rate is proposed to increase by almost half a cent in 2024.

The city council voted last Thursday to propose the rate at 53 cents per $100 valuation. The rate was 52.55 cents last year.

The approved rate will generate very little new revenue from existing properties. That rate would be 52.845 cents, or about one-sixth of a cent less.

The council could have set a rate as high as 54.4 cents before having to seek an election for approval  by the city’s voters.

Of the approved tax rate, 12.1547 cents will go to retiring city debts, such as the note to assist in the purchase of new fire trucks.

That portion of the rate is up slightly from last year when 11.951 cents was needed to pay the city’s outstanding bonds.

Overall the city will see a 2.37% increase in property tax revenues or $45,346. Most of that – $40,233 – comes from new properties added to the tax rolls this year.

The average residence in the city will see its property tax bill increase from $825.78 last year to $884.50 this year. The average residence saw an increase in value of $9,744 to $166,886.

City Secretary Cindy Karch said the city collected well over its projected budget for property taxes this year. She speculated that it was due to calculations of taxes for property owners whose taxes are frozen.

A public hearing on the proposed tax rate will be held Monday, Sept. 16 at 5:30 p.m. at city hall.