Wylie City Council took more than three hours Tuesday, Sept. 11, to cut $426,000 out of the proposed fiscal year 2018-19 budget in order to reduce the property tax rate by another penny and equal the effective tax rate.
Property tax rate was set at 72.5848 cents per $100 assessed valuation, a penny less than the 73.5848 cents rate that had been proposed prior to the meeting. The new levy is 5.5 cents lower than the 2017 property tax rate.
Prior to the budget and tax rate cutting marathon, the council heard from three Wylie homeowners requesting that the property tax rate be cut to the effective level. The effective rate is the levy required to generate the same amount of property tax revenue as was raised in the prior year on existing property and results in no increase for most property owners.
After making the cuts needed, the council adopted a total budget, including debt service, of $99.8 million.
For more on this story see the next edition of The Wylie News. To start your subscription and help us continue to keep you informed go to:Â https://www.etypeservices.com/Wylie%20NewsID245/default.aspx
Joe Reavis • [email protected]
0 Comments