After several months of workshops and discussions, Hutto City Council voted Sept. 15 to adopt a city budget and a property tax rate of $0.42198 per $100 valuation for fiscal year 2022-23.
The adopted tax rate is the no-new-revenue rate, meaning it is the tax rate at which the city would raise the same amount of property tax revenue as it did the previous year before factoring in newly built properties.
It is an approximately 21.3% decrease from the FY 2021-22 rate of $0.536448 per $100 valuation.
The rate breaks down into a $0.27388 maintenance and operations rate used to fund most day-to-day city operations and a $0.1481 interest and sinking rate used to service debt.
