Woodstock City Council Approves Historic Property Tax Decrease

In a landmark decision, the Woodstock City Council has approved a significant reduction in property taxes, setting the millage rate at 5.065 mills for the upcoming fiscal year.

 

This marks the lowest tax rate the city has seen in over 30 years.

 

The move comes in response to a robust 5.03% growth in the 2025 tax digest, driven by new construction and exemptions, which exceeded initial projections.

 

For the average homeowner, this adjustment translates to approximately $764 in property taxes on a $368,000 non-homesteaded home, or $1,018 on a $493,000 homesteaded property.

 

Additionally, the voter-approved parks bond from 2023 will see its debt service rate increase to 0.50 mills, up from 0.454 mills last year.

 

This equates to an additional $75 for a $375,000 non-homesteaded home or $100 for a $500,000 homesteaded property.

 

Mayor Michael Caldwell emphasized the significance of this decision, stating, "This would be the lowest tax rate Woodstock has had in at least 30 years, roughly half of what it was three decades ago."

 

He highlighted that this is not merely a rollback but an actual tax decrease.

 

The city's thriving downtown development and a surge in business revenues, which have more than doubled in five years, have enabled this tax reduction while still allowing for substantial investments in infrastructure, parks, and public safety services.

 

This tax decrease reflects the city's commitment to fiscal responsibility and enhancing the quality of life for its residents.