As part of the annual budget process, Wylie City Council approved a proposed tax rate of $0.534301 per $100 of valuation for the 2024-25 (FY25) budget Tuesday, Aug. 13.
This rate, according to city documents, is $0.004581 less than the current rate and the proposed budget is based on the new rate.
This proposed rate is higher than the no-new-revenue tax rate of $0.507537, which would generate the same amount of property tax revenue from the same properties as in the 2023 tax year.
Although the proposed tax rate is equal to the voter-approval rate, which is the maximum rate the city can adopt without requiring voter approval, no election will be necessary.
The comparison of the tax rates for the average residence homestead reveals significant changes.
In 2023, the total tax rate was $0.538882 per $100 valuation.
As stated previously, the proposed rate for 2024 represents a decrease of $0.004581 per $100, or approximately 0.85%. However, the average taxable value of a homestead has increased from $377,019 in 2023 to $424,528 in 2024, a rise of 12.60%.
Consequently, the tax on the average homestead will increase by $236.57, or 11.64%, from $2,031.69 to $2,268.26.
The total tax levy for all properties is expected to rise by $3,108,597, or 8.14%, reflecting the increased revenues proposed by the city.
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By Mike Albanese and Chad Engbrock
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