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City council favors no tax increase

by | Jul 31, 2019 | Latest

In a pair of workshop sessions last week, Wylie City Council went over revised figures for the fiscal year 2019-budget and heard a presentation on how to possibly save money on vehicles by entering a fleet management agreement.

The workshops were held Tuesday, July 23, after the regular council meeting concluded.

City Manager Chris Holsted made the budget presentation and reported that the effective tax rate this year, a levy under which revenues have been based, is expected to drop below 70 cents per $100 assessed property valuation. The effective rate is the levy at which a tax bill will not increase for the average property owner. The property tax rate in 2018 was 72.5848 cents.

Property taxes help fund the biggest component of the budget, the general fund, generating an estimated $25.4 million next year. Total general fund revenues are expected to be $43.5 million. Growth in property tax revenue will come from assessments against new property added to the tax rolls.

For the full story, see the July 31 issue or subscribe online.

By Joe Reavis • [email protected]

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