Verona council members hosted a public hearing on setting the city's 2012 tax rate on Aug. 14 after determining that the assessed valuation on some properties had been incorretly listed.
Mayor Willis Hutson reported the tax rate for 2011 was incorrect and reduced the amount from $12,323,420 to $8,732,370.
Willis told council members when BCP Ingredients, Inc., turned in personal property figures to the Lawrence County assessor, the figure reflected more equipment than was located at the Verona facility. When the Missouri State Auditor set the tax rate ceiling for 2012, the previous figure was used for the calculation.
Willis said the city had also undergone a reduction in assessed valuations that occurred sometime before Dec. 31, 2011.
Armed with that information, Hutson discussed the information with both the Lawrence County assessor and clerk. He notified the state auditor the assessed valuation was incorrect.
The reduction in assessed valuation resulted in the tax rate ceiling being set at .8337 instead of 1 percent.
Aldermen voted to keep the tax rate at .7581, which will result in a reduction in revenues of approximately $27,000.
"We'll be okay," Hutson said. "We will just have to be careful and watch expenditures."
In other business, aldermen voted to accept the resignation of Verona Police Chief Mike Moore, who was hired in April.