In September, following two required public hearings, the council could ultimately adopt the tax rate as proposed tonight or one that is lower than $0.439, but not higher.
The proposed tax rate represents an increase of $0.037 cents above the effective tax rate of $0.402 cents. An effective tax rate compares tax rates based on existing property values from the previous year, Round Rock Chief Financial Officer Susan Morgan said.
The median home value in Round Rock is $255,198, according to an Aug. 8 budget workshop. Based on this, the average homeowner will pay around $93 a month in city taxes, if the tax rate is adopted as proposed, which adds up to $7.94 more than FY 2018-19.
The first public hearing on the tax rate is Sept. 12. Adoption of the FY 2019-20 tax rate is anticipated for Sept. 26.
The city of Round Rock offers a tax calculator for homeowners to estimate their property tax bill. Access the resource here.