During the recent City of Oak Grove Board of Aldermen meeting, officials discussed the proposed mill levy for the upcoming year, which remains unchanged at 0.7647. This decision is significant for local homeowners, as it has been consistent for the past seven years and includes a voluntary reduction of 0.2446 mills.

The city is required to submit assessed valuations to the state and ensure compliance with the Hancock Amendment, which limits property tax increases. This year, the total assessed valuation in Oak Grove increased by approximately 9.8%, with 5.8% attributed to new construction and 4% due to reassessments. The county assessor's office conducts these reassessments every odd-numbered year, making 2025 a key year for property evaluations.

For residents, this means that a home valued at $300,000 would have an assessed value of about $57,000, based on Missouri's residential property assessment rate of 19%. Homeowners can expect their tax bill to reflect the city's levy, which constitutes about 10% of the total tax bill from all taxing jurisdictions.

This stable mill levy aims to provide predictability for residents while ensuring that the city meets its financial obligations. As Oak Grove continues to grow, the Board of Aldermen's decisions on tax levies will play a crucial role in shaping the community's financial landscape.