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Public Hearing: Consideration of the Proposed Tax Rate of the 2023 Tax Year.
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ADMINISTRATIVE COMMENTS:
In accordance with state law, a public hearing is being held on the proposed tax rate for the 2023 tax year. Council has proposed reducing the tax rate by $0.024222 to $0.419079. Section 26.05(d) of the Texas Property Tax Code requires a governing body to hold a public hearing to adopt a tax rate for the current tax year if the proposed rate exceeds the lower of the voter-approval or no-new-revenue rate. The total tax rate proposed for FY 2023-24 of $0.419079 exceeds the no-new-revenue rate of $0.392761 by 6.7 percent. The proposed total tax rate does not exceed the voter-approval rate of $0.419079. The proposed tax rate was recommended by City Council at the budget workshop held on August 12, 2023. An agenda item to adopt the 2023 tax rate is also on tonight’s City Council meeting.
RECOMMENDATION:
That City Council hold the public hearing as set forth in the caption above.