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Final tax rate and budget approved

by | Sep 20, 2017 | Latest

By Joe Reavis

Staff Writer

[email protected]

 

The fiscal year 2017-18 budget and a reduced property tax rate received final approval from Wylie City Council last week.

The council met Tuesday, Sept. 12, at City Hall to wrap up budget season and hear a brief report on the status of repairs from the April 2016 hailstorm.

Budget for the new year, which starts Oct. 1, totals $84.9 million and is funded through ad valorem taxes, non-property taxes, franchise fees, licenses and permits, intergovernmental funds, service fees, court fees and interest income.

The council cut the property tax levy by 6.79 cents to 78.1 cents per $100 assessed valuation, a level that is slightly less than the effective rate at which most property owners will not see an increase in their tax bills. Last year, the property tax rate was 84.89 cents.

Wylie will receive more property tax money than it did last year, even at the reduced levy, because of the value of new property added to the tax rolls. Property tax revenue is estimated at $31.35 million, about $1.2 million more than was generated in FY 2016-17.

For the full story see the September 20 issue or subscribe online.

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