The property tax rate will decrease by $0.0031 to $0.3673 per $100 property valuation from last year’s rate of $0.3704. With the average home value increasing by $13,346 in 2017, the proposed new rate could potentially bring in an additional $5.7 million in revenue, according to the budget presentation.
Although the property tax rate decreased, the city increased the water rate by 6 percent and increased the wastewater rate by 3 percent.
Next, Buda will consider increasing the water and wastewater rates by 5 percent in fiscal years 2018-19 and 2019-20 and water rates by 5 percent in fiscal years 2020-21 and 2021-22 and wastewater rates by 10 percent and 2 percent, in fiscal years 2020-21 and 2021-22, respectively.
With rapid growth happening in the city, Buda would like to create 13 full-time positions and one part-time position using funds from the general, wastewater and economic developments.
The new budget will go into effect Oct. 1.