On Sept. 8, Leander City Council approved a tax rate of $0.417282 per $100 valuation for FY 2023-24, which is 3.48% lower than last year’s tax rate of $0.432325.
With the newly approved tax rate, homeowners in Williamson County will see a $123.09 increase, on average, to their annual property tax bill, according to the city. This is roughly $60 less than the average bill if council had approved the maximum tax rate of $0.432325 per $100 valuation.
Homeowners in Travis County will see, on average, a $209.73 increase on their property tax bill, which is about $100 less than the increase that was reflected under the maximum tax rate.
The new tax rate is made up of a maintenance and operations, or M&O, rate of $0.262857 and an interest and sinking, or I&S, rate of $0.154425. M&O is used to cover day-to-day expenses, while I&S is used for debt service.
Council approved a $317 million budget for FY 2023-24 on Sept. 7.
This year’s budget includes:
- $95.4 million for utility capital projects
- $67.5 million for the general fund
- $51.8 million for general capital projects
- $49.8 million for the utility fund
Some projects under the general capital fund include the Raider Way and East Woodview Drive widening, South Street and West Drive improvements, and construction on the Senior Activity Center.
Projects under the utility fund include lift station improvements, the Sandy Creek Water Treatment Plant expansion, a reclaimed water system and the Brushy Creek Regional Utility Authority Water Treatment Plant Phase 1D expansion.
Unlike previous budgets, this year’s budget will not cover the addition of new positions, Executive Finance Director Roberty Powers said.
For more information on the FY 2023-24 budget and tax rate, click here.