City Council sets maximum tax rate for FY 22 budget
The Round Rock City Council voted Thursday, Aug. 12, to set a maximum property tax rate of 39.7 cents per $100 of valuation for Fiscal Year 2022.
The proposed rate is higher than the “no new revenue” rate of 38.7 cents, which would raise the same amount of revenue as last year on existing property based on this year’s property valuations. The extra penny is needed to generate revenue to pay for $30 million in transportation bonds issued this spring, said Susan Morgan, Chief Financial Officer for the City.
At the proposed rate, the owner of a median taxable value home of $287,101 would pay $1,140 next year in City taxes, an increase of $27 over the current rate.
The City Council will hold a public hearing and vote on the tax rate at its Thursday, Aug. 26, meeting.
The Council is not required to adopt this rate; however, this is the maximum rate the Council may consider to meet the timing requirements under state law without restarting the notice and hearing process.
Learn more about the proposed FY 22 budget and tax rate at roundrocktexas.gov/budget, as well as through our ongoing series of blog posts about the Building Toward the Future financial plan:
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Source: City of Round Rock