The new tax rate for the city of Oak Ridge North will go into effect on Oct. 1 following adoption of the fiscal year 2024-25 budget.

Residents of Oak Ridge North will see a $0.0365 per $100 valuation increase in the city’s tax rate in FY 2024-25, following final approval of the budget on Aug. 26. The city enters the beginning of the new fiscal year in September.

What you need to know

The total tax rate approved by City Council is $0.4408 per $100 of home valuation, which was above the no-new-revenue tax rate for the year. However, since the approved tax rate does not exceed the voter approval tax rate, the city is not required to hold an election.

• Approved tax rate: $0.4408 per $100 of home valuation
• No-new-revenue tax rate: $0.3974 per $100 of home valuation
• Voter approval tax rate: $0.4408 per $100 of home valuation

According to the Montgomery County Tax Office, homeowners in the city will see a $35.30 increase on a property tax bill for a property valued at $100,000 on average.

What else?

The main budgetary increase comes from increased emergency management needs for the city, officials said.

Mayor Paul Bond said he would like to see the city build a $500,000 emergency response fund to allow the city to begin assisting residents following natural disasters. The City Council approved starting the fund with $75,000, which will then increase on a yearly basis.