Oakmont Millage Rate to Decrease

Oakmont Borough's real estate tax rate most likely will be decreasing.

Earlier this week, borough council discussed reducing the millage rate to offset the increased property values stemming from the county's reassessment.

Under the reassessment, taxing bodies can't receive more than 5 percent in property tax revenue so as not to use the reassessment as a major tax increase.

With the current millage rate of 4.5, residents pay $450 for every $100,000 of assessed property value.

Officials said decreasing the tax rate to 3.4 mills, where residents would pay $340 for every $100,000 of assessed property value, would make the borough "revenue neutral."

Council could approve the change as early as next Monday, March 11.

Plum officials also are looking into decreasing the millage rate from 4.3 to 3.7 mills due to the reassessment. Verona officials don't have plans to change the tax rate so far.

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