The Winchester Board of Commissioners on Tuesday approved lower property tax rates that are poised to generate a 4 percent increase in revenue for city coffers this fiscal year.
The commission voted unanimously in favor of a 13.8-cent rate per $100 of assessed value on both real and personal property, amounting to a 0.1-cent decrease on the real property rate and a 1.7-cent reduction on personal property.
Each 1-cent decrease in the rate lowers taxes on $100,000 of property by $10. But officials estimate the new rates will also generate about $1.4 million in total revenue - more than $66,000 of new revenue compared to last year.
"I think it's appropriate for the city to take the rate we took," said Mayor Ed Burtner, noting the new rate is lower and still increases revenue. "I think it was a good decision by the commission."