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Council proposes property tax rate cut

by | Aug 1, 2018 | Latest

Levy proposed is 73.5 cents versus 78.1 cents in 2017

 

After a pair of budget workshops last week, Wylie City Council members agreed to cut the property tax rate by 4.5 cents and tasked city staff with trimming more than $1 million from general fund department budget requests.

The council issued the direction to staff after the Thursday, July 26, workshop session.

Proposed was a property tax rate of 73.5848 cents per $100 assessed valuation, a figure that is a penny more than the effective tax rate. The effective tax rate is the levy required to generate the same property tax revenue as was received in the prior year.

Breaking down the proposal allocates 18.7642 cents of the rate for debt service and 54.206 cents for general fund operations. Property taxes under the proposed rate will bring in an estimated $33.423 million in revenue.

 

 

For the full story see the Aug. 1 issue or subscribe online.

 

 

By Joe Reavis • [email protected]

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