In a move that bucks the national trend of rising costs, Woodstock property owners will soon see their lowest tax bills in decades, even as the city expands parks, trails, and public safety services.
The Woodstock City Council voted Monday to approve a historic tax decrease for the upcoming fiscal year, reducing the millage rate to 5.065 mills—the lowest in at least 30 years.
What is the Millage Rate?: The millage rate is your property tax rate. Your city, county, and school system all set a millage rate. That combined number becomes your overall property tax rate. One mill represents $1 of tax on every $1,000 of taxable property.
Growth Funds Tax Cut
The tax cut comes amid unexpectedly strong growth in Woodstock’s tax digest, which expanded by 5.03% this year—double what city officia