The proposed FY 2022-23 budget includes a proposed maximum tax rate of $0.342, exceeding the no-new-revenue rate of $0.326408. Truth in Taxation laws require a taxing entity to set a public hearing and date of adoption to be shared in public notices, according to city filings. The proposed rate is $0.05 lower than the tax rate ratified in 2021, but that does not mean residents' taxes due will decrease as property values have increased.
This maximum rate is not required to be adopted, but it is the highest rate the council may consider to meet timing requirements under state law. However, it is the rate city officials are proposing. The $0.016 increase will provide additional funding for public safety with $0.006 per $100 of valuation as well as a $0.01 debt service rate for the new Round Rock Public library. This debt service was approved by voters in the 2013 bond election, according to city documents.
The resolution would set the public hearing for Aug. 25 at 6 p.m. at 221 E. Main St., Round Rock. The two votes necessary for the approval of this tax rate would be set for the Aug. 25 and Sept. 8 council meetings at that same address.
The voter-approval rate, which would require the city to hold a tax rate ratification election, is $0.363244. That is $0.021244 higher than the proposed rate.
If approved, the proposed rate would reflect a $1,263 property tax bill on the median value of a home in Round Rock, which is $369,169, according to city documents.