The first reading of the tax rate and budget was approved Aug. 25, but a second hearing and vote was required for ratification and adoption.
The proposed FY 2022-23 budget includes a proposed tax rate of $0.342, exceeding the no-new-revenue rate of $0.326408. 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.
Additional funding for public safety and debt service for the new Round Rock Public Library are included in the $0.015592 difference between the no-new-revenue rate and the proposed rate. City documents state $0.006 per $100 of valuation will be set aside for additional public safety funding, 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 proposed rate would reflect a $1,262.56 property tax bill on the median value of a home in Round Rock, which is $369,169, according to city documents.
Resources for calculating property taxes are available on the city's website, Chief Financial Officer Susan Morgan said. There are options for both Travis County and Williamson County residents as well as a calculator created by the city.