Lake Ozark residents will have to pay a little more in real estate and personal property taxes. According to City Administrator Dave Van Dee, the city’s “Ad Valorem” tax rate is going up from .2290 last year to .2301 this year.
Van Dee says the increase is significant.
Van dee says the Ad Valorem tax rate is something the city does not set, rather it’s given to them by the State and the County. Ad Valorem is a tax based on the value of real estate or personal property.