ROCKLAND — Tax bills will be on their way to property owners as the city set its tax rate Thursday, Aug. 18 with an increase of 7.4%.

The tax rate was set at $24.27, up from $22.60 last year.

(The original version of the article had the incorrect tax rate for last year. The tax rate last year was $22.60. The incorrect rate for last year came from the city website which shows information from 2018.)

The bills are expected to be mailed by the end of August. The first half payment is due Sept. 30. The interest rate is 4% on late payments.

The city will be sending out bills totaling nearly $21.6 million. Of that amount being billed, $11,170,000 (52%) will be paid to Regional School Unit 13. Another $954,000 (4.4%) goes to Knox County. The remaining $9.5 million (44%) goes for municipal services.

The city will be billing an additional $1.7 million. This is due to increases from those three levels of government, but this year mainly from increases from municipal services as the city added positions to the fire department and code enforcement and added incentive pay for employees.

DuPont remains the top property taxpayer in Rockland, with a taxable assessment of $20.5 million which translates into a bill of $498,000. The company operates the carrageenan plant on Lime Street. The company has $14.4 million in equipment that is exempt from the property tax due to a state law to benefit businesses which is not included in the taxable assessment.

Douglas Dynamics, the manufacturer of Fisher snowplows and related snow removal equipment, is the second highest taxpayer with an assessment of $14.5 million and a bill of about $352,000. Douglas has an exemption of $15.7 million on its personal property.

Central Maine Power is the third highest taxpayer at $14 million with a bill of about $340,000.

The O’Hara Corporation is also at nearly $14 million in assessment.

Harbor Plaza Limited Liability Co., which owns the shopping center on Camden Street, has an assessment of $12.8 million with a bill of about $311,000. This does not include the personal property taxes on the tenants in the shopping center. Shaw’s has $1.1 million in personal property and T.J. Maxx more than $600,000.

HD Development, the Home Depot, on Camden Street has an assessment of nearly $10.4 million with a bill of about $252,000.

Rockland Plaza Realty Corp., the owner of the shopping center on Maverick Street, has an assessment of $8.6 million and a tax bill of about $209,000. This does not count the nearly $2 million in personal property owned by Hannaford.

Maine Water has an assessment of $6.7 million and a tax bill of about $162,000.

Breakwater Marketplace has an assessment of $5.7 million on its commercial complex on Camden Street and a tax bill of about $138,000.

Camden National Bank has an assessment of $4.3 million and a tax bill of about $105,000.

Other top taxpayers include Stewart Terrace, LLC of Freeport, which owns the Rockland Harbor Hotel at 520 Main St. with an assessment of $3.4 million; Trade Winds at $3.2 million; and Rockland Realty, LLC at nearly $2.4 million.

The total taxable property in Rockland is $889 million.

The amount of tax-exempt properties in Rockland total about $280 million. The overwhelming amount of the tax exempt property, however, is owned by government including the federal, state, county, city and schools. For example, the Rockland Breakwater, owned by the U.S. Coast Guard, is valued at $77 million.

About $50 million of the tax-exempt properties are owned by private non-profit organizations such as non-profit museums, health care organizations, churches, and social service agencies. If all were taxed, that would generate an additional $1.1 million in tax revenues for Rockland. That would drop the city’s tax rate by about 5%.