The details
While the city could adopt a property tax rate of $0.5392 without needing voter approval, staff is recommending adopting the no-new-revenue tax rate of $0.5179.
The no-new-revenue tax rate is the rate that would generate the same amount of property tax revenue in the current and upcoming tax year, not including new construction or annexations. while the voter-approval tax rate is the maximum rate a city can adopt without an election.
Although the property tax rate would increase from $0.4994, a new tax rate of $0.5179 would still generate a lower tax bill for Bastrop residents, according to city documents.
“This is because the average valuation fell from $335,116 to $309,839,” Bastrop City Manager Sylvia Carillo-Trevino said in a city staff report.
However, Bastrop would still collect $403,073 more in taxes than last year’s budget, since $31.8 million in new property value was added to the tax roll, and there would be a 1% increase in sales tax and a 10% increase in hotel occupancy taxes, according to city documents.
The proposed fiscal year 2025-26 budget accounts for approximately $72.4 million in total revenue, which would pay for about $68.8 million in expenditures, according to city documents.
Also of note
Additional highlights of the proposed budget include:
- The addition of a mechanic in the Fleet and Facilities Department, a human resources generalist, an accountant in the Finance Department, and a part-time library associate
- The payoff of $750,000 in debt service owed from 2006 and 2007
- Approximately $15 million in funding for the Old Iron Bridge project
- The transfer of debt in the Streets and Drainage Department to the General Fund
