TOWN OF BELOIT - The Town of Beloit Board of Supervisors unanimously voted to approve the 2020 general fund budget at a regular meeting Monday night. The 2020 budget lists $7,354,280 in total revenue.
The mill rate for Town of Beloit residents decreased from $7.66 to $7.09 per $1,000 of property value, according to information provided by Town of Beloit Treasurer and Finance Director Sara Regenauer.
A person who owns a house valued at $100,000 would pay $709 in property taxes for the Town of Beloit's portion of the tax bill.
The decrease in the mill rate for Town of Beloit residents is largely due to a 2019 revaluation effort, Regenauer said. Additionally, $10,718,300 in net new construction also contributed to the decreased mill rate, because more parties will now share the tax burden.
The total tax impact for Town of Beloit residents who own property in the School District of Beloit is $2,311 per $100,000. Community members who are part of the Beloit Turner School District have a total impact of $2,360 per $100,000.
The Town of Beloit receives about 30% of all collected property tax dollars. The other 70% is divided among Rock County government, Blackhawk Technical College and local school districts.
Alliant Energy is expected to contribute roughly $800,000 through a payment in lieu of taxes starting in 2020, Regenauer said. About $700,000 will be committed to funding some of the town's capital projects and purchases and help offset at least $886,000 in road construction costs.