This maximum tax rate marks the highest rate council will be able to approve for the upcoming fiscal year, but officials could set a lower rate, Executive Finance Director Robert Powers said during the meeting.
What residents should know
If the maximum tax rate if approved, Leander homeowners in Williamson County can expect to see an average increase of 9.2%, or $156.06, to their annual property tax bill, Powers said.
Similarly, Powers said Leander homeowners in Travis County can expect an average increase of 9.5%, or $217.52, to their annual property tax bill.
Powers said this upcoming fiscal year’s proposed maintenance and operations, or M&O, rate is a penny more than the FY 2023-24 rate, while the proposed interest and sinking, or I&S, rate is a penny less, causing the overall rate to stay the same.
The proposed M&O rate is $0.273604 per $100 valuation, and the I&S rate is $0.143678 per $100 valuation.
The M&O rate is used to fund routine city business, while the I&S rate is used for to make debt payments.
Next steps
Council set the public hearing for the proposed FY 2024-25 tax rate to take place during its Sept. 5 meeting. Powers said there will be a special-called meeting for council to consider approving the tax rate on Sept. 10.
