The $0.19 rate is the same as was approved last fall, but it will generate an estimated $150,772 more in property tax revenue during the coming fiscal year compared to FY 2019-20. That represents an 11.57% increase in revenue, according to the city.
The increase in revenue is in part due to new property construction and annexations throughout the previous year.
For a $399,000 home in Dripping Springs—which represents the median value of a home in 78620—property owners can expect to pay about $758 in property taxes to the city.
Overall, the city’s general fund budget was approved with $7,600,214 in both expenditures and revenue. That budget includes $425,000 in transportation improvements and planning, $172,000 park improvements, $100,000 for a new downtown public restroom and about $10,000 for legislative services for the upcoming legislative session, according to the budget.
The general fund is about $200,000 higher than the approved 2019-20 budget of $7.4 million.
A breakdown of the city’s general fund revenue and expenditures can be found here.
Other than the general fund, Dripping Springs also manages a number of other fund accounts for specific uses. These accounts include a fund for the farmers market, parkland dedication, Dripping Springs Ranch Park operations, hotels, wastewater, utilities, tax increment reinvestment zones and debt services. The combined funds total $20,448,550 in revenue and expenses, according to a Sept. 9 news release from the city.
