title
Approval of a Resolution Ratifying the Property Tax Increase Reflected in the FY 2025-26 Operating Budget.
request
ADMINISTRATIVE COMMENTS:
Section 102.007(c) of the Texas Local Government Code requires a separate vote of the governing body to ratify the property tax increase reflected in the FY 2025-26 budget if the budget will require raising more revenue from property taxes than in the previous year. This budget will raise more total property taxes than last year’s budget by $5,508,192 (5.9%), and of that amount $1,938,697 is tax revenue to be raised from new property added to the tax roll this year. Although there is an increase in property tax revenue to the City, the impact to the median home value ($383,444) will be a savings of $13.14 for homeowners, reducing the tax bill from $1,619.80 to $1,606.66.
RECOMMENDATION:
That the City Council approve the resolution as set forth in the caption above.