The overview
The proposed tax rate is the same as last year’s. However, it exceeds the no-new-revenue rate of $0.316, meaning a public hearing must be held. The no-new-revenue rate is the rate at which the city would generate the same amount of property tax revenue as it did the previous fiscal year before taking into account newly built properties.
Meanwhile, $609 million in new property value was added to the property tax roll, which will generate an additional $2.1 million in revenue to the city. This new revenue would help pay for the 12 new public safety positions, a competitive pay program and 12 new positions as well as supporting costs for parks and the Round Rock Public Library.
What residents should know
At the proposed rate, the owner of a median taxable home of $363,396 would pay around $104 per month—an $8 increase—in city property taxes, according to the city.
What else?
The city’s proposed budget for FY 2023-24 totals $543.9 million, allocating the funds to 12 categories:
- Community Investment Program: $236.5 million
- Police: $44.5 million
- Debt service: $42.9 million
- Utilities and environmental services: $38.2 million
- Parks and Recreation Department/library/sports tourism: $36.8 million
- Fire: $36.1 million
- Interfund transfers: $34 million
- Support departments: $25.2 million
- Fiscal support: $18 million
- Transportation: $13.8 million
- General services: $9.2 million
- Planning/community and neighborhood services: $8.7 million
“I think we’re being very fiscally responsible,” Round Rock Mayor Craig Morgan said. “None of us up here like any kind of increases, but it’s the price we have to do to be able to keep up and do the things that we can do. ... I think for the value that they’re getting, I think this is a very solid budget.”
Next steps
Council will hold a public hearing Aug. 24 at 6 p.m. to discuss the budget and tax rate. The officials will then meet Sept. 14 to adopt the final rate.
