By Joe Reavis
Wylie City Council will meet next week to discuss the 2017 property tax rate that may be somewhat of a moving target.
In its last budget workshop, July 20, the council floated cuts in the tax rate from two cents to a nickel. Majority of the council favored reducing the property tax rate by two cents, the same as it did a year ago, but indicated they may consider a 3-cent reduction if certified appraised property values came in higher then anticipated. Councilmember Timothy Wallis bucked the majority and favors a 3.5-cent reduction.
A copy of the proposed city budget is available for public view Friday, Aug. 4, through the City Secretary.
Budget calculations this year are based on a nine percent rise in property values and the number released by Collin Central Appraisal District at the end of July was 13.87 percent, or about 50 percent higher than anticipated.
Before determining the final property tax rate, the council will look at the effective tax rate calculated by the Collin County Tax Office and the rollback rate. The effective rate is the levy required to raise the same property tax revenue as was generated the prior year and the rollback rate is eight percent greater than the effective rate.
If an entity sets its property tax rate at, or above the rollback figure of 8 percent, it can trigger an election to reduce the rate to the effective rate. To call a rollback election in Wylie requires petitions signed by 10 percent of the number of registered voters in the city, or a little more than 2,500. In some cities, only 10 percent of the number of voters who participated in the last gubernatorial election is required, a lower threshold.