NEW MADRID - Property values are rising in New Madrid, but not the city's tax rate.
The Board of Aldermen approved a total tax of .79 cents per $100 valuation during a special meeting Monday night. This includes a .58 cent tax per $100 valuation for general revenue purposes and a .21 cent levy for additional revenue.
The tax is expected to bring in $24,132,652 for the current year. This compares to $22,587,703 in 2005.
The city has also entered into a lease-purchase agreement to buy the former Reese's Restaurant, located at Mott and Powell streets directly across from City Hall. City Administrator John Gilbert said the purchase price for the building will be $60,000, which will be made with an advance payment of $12,000 and four annual payments of $12,000.
According to Gilbert, half the building will house the New Madrid Chamber of Commerce with the other half set aside for a new police and fire department.
Describing the current facilities as "three closets," Gilbert said the new facility will provide more room for the departments and the municipal court clerk as well as providing better access for the public.
Renovation work will be done by city employees with tentative plans to move into the facility in the next two to three months, Gilbert said.
"The employees are excited to get the space and to have it in such close radius of City Hall," said Gilbert. "And it will make it a lot nicer for the taxpayers."