Council set the proposed rate at the rollback number of $0.2088 per $100 of valuation.
City Administrator Amber Lewis said the proposed rate is not official, and council can vote on the official rate at its Oct. 7 meeting.
That number constitutes the city's rollback rate, which is highest the city can set before taxpayers can start rollback procedures.
City documents state the rollback rate, if adopted, would raise $113,381 more in revenue from property taxes over the previous year's budget, and $39,724 of that revenue would come from new property.
At Rollingwood's average taxable value of $1,322,889, the city's portion of the average taxpayer's bill comes out to $2,762, which is an additional $45.64 over 2018-19.
Council set two public hearings on the proposed tax rate for Sept. 30 and Oct. 2.