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News

City Council sets maximum tax rate for fiscal 2018 budget

Published on August 10, 2017 under RRnews

The Round Rock City Council voted Thursday, Aug. 10, to set a maximum property tax rate of 43.000 cents for the proposed fiscal 2018 budget.

The 43.000 cent rate is the same rate contained in the budget proposal. That rate is an increase of a half cent from the current City property tax rate. Here is a comparison of the impact on a median value home of the current and proposed rates:

FY 2017 Actual FY 2018 Proposed $ difference
Median residential property value $208,906 $227,715 $18,809
Median annual tax bill $888 $979 $91

The proposed rate is an increase of 2.7 cents over the effective tax rate, which is the rate that generates the same amount of revenue as last year based on the new year’s total value of taxable properties. Of that 2.7 cent increase, 1.2 cents is for debt payments on voter authorized bonds from the 2013 election, 0.9 cents is for new operating costs associated with those bond projects and 0.6 cents is for additional operating costs to keep up with rising costs and growth.

Residents can see how the tax rate will impact their home by using a property tax calculator that also shows what they will owe to other taxing entities based on the current proposed tax rates. Residents can also see how property tax revenue are spent by department.

For more details on the property tax rate, check out this City blog post. The Finance Department has put together a one-page Budget Highlights to assist the public in understanding and assessing the $330 million spending plan for fiscal 2018, which begins Oct. 1, 2017, and ends Sept. 30, 2018. The document covers the tax rate, other rates (water, solid waste, etc.) and funding priorities.

Here is a breakdown of the fiscal 2018 budget components:

Totals

Budget Totals for FY 2018 $330.0 million
General Fund (Police, Fire, Parks, Library, Planning and Development Services, IT, etc.) $110.8 million
Total Capital Improvement Program (major construction projects) $136.9 million
All Other* $82.3 million

*Includes the City’s water and wastewater utility operations, stormwater drainage operations, the Round Rock Sports Center, tourism related programs and other services  not funded in the General fund and not funded by property taxes.

The Council will also vote to set the calendar for hearings on the budget and tax rate.

Budget calendar

  • Aug. 10 — City Council vote to publish and propose maximum tax rate, set public hearings
  • Aug. 22 — City Council packet briefing and work session on proposed budget and tax rate
  • Aug. 24 — Regular City Council meeting
    • First tax rate public hearing
    • Budget public hearing
    • First reading vote to adopt tax rate and budget ordinances
  • Aug. 31 — Special called City Council meeting for second tax rate public hearing
  • Sept. 14 — Regular City Council meeting
    • Final adoption of tax rate and budget ordinances
    • First reading of utility rate ordinances
  • Sept. 28 — Regular City Council meeting for final adoption of utility rate ordinances.

The post City Council sets maximum tax rate for fiscal 2018 budget appeared first on City of Round Rock.

Source: City of Round Rock

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