The New Albany Community Authority board voted Sept. 5 to reduce the property-tax assessment on properties in the New Albany Country Club community.
The assessment for 2014 will decrease from 4.75 mills to 4.5 mills.
The money collected by the community authority pays debt incurred in the late 1990s to build Fodor Road, improve the Plain Township fire station and build parts of New Albany High School.
Brent Bradbury, the board treasurer, said the estimated annual revenue from the 4.5 mills is $3.7 million and the estimated annual debt service is $3.5 million.
He said the owner of a home valued at $400,000 would see about a $35 annual reduction in the 4.5-mill assessment.
Bradbury said the owner of a home valued at $400,000 currently pays about $665 a year for the 4.75-mill assessment. Once the millage is decreased, the homeowner would pay about $630 per year, he said.
"I don't believe we need to leave the millage where it is," Bradbury said. "We went through an economic downturn and went through a bond refinancing. The refinancing allowed us to get back on track with a reduction to the millage. The question is where should we go with that reduction."
Bradbury presented several options, including assessments as low as 4.25 mills.
"The question is, is there any advantage to a lower millage rate now, to stimulate growth?" board member Don Barger asked.
Bradbury said 0.25 mills would not make a lot of difference, especially to the average taxpayer.
Board member Saundra Cooke asked if decreasing the millage to the lowest rate would help the New Albany-Plain Local School District, which regularly has to ask voters for funding.
Bradbury said the community authority always considers the school district and Plain Township Fire Department when considering the assessment.
The board voted 5-0 to change the assessment to 4.5 mills. Ted Adams, Barger, Trudy Bartley, Bradbury and Cooke cast the votes. The other two board members, Bill Ebbing and Harry Ryan, were absent.
In other business Sept. 5, the New Albany Community Authority board:
* Approved a motion 5-0 to spend up to $5,500 in premiums to obtain liability insurance and public officials' bonds for the board.
* Approved a motion 5-0 to pay up to $1,500 to Inter-Connect Web Designs to host the authority's website for another year.