Without raising the tax rate, the city is likely to gain more property tax revenue due to new residential developments in the area. Representatives of the Wild Ridge development in Dripping Springs told council in August that their proposed master-planned community, once completed, would likely generate $683,000 in annual property tax for the city.
Dripping Springs City Council voted unanimously on the proposed ad valorem tax rate in a special meeting that lasted less than three minutes Aug. 25.
“This is a formality that’s required by law to establish a tax rate,” Mayor Bill Foulds said at the meeting.
The proposed tax rate represents what the council anticipates the rate to be. The vote to formally set the tax rate and budget for the city is scheduled for Sept. 21.
