On that date, public hearings will also be held on the tax rate and budget.
Zooming in
The proposed tax rate is $0.387278 per $100 valuation, a reduction from last fiscal year’s rate of $0.3873. Broken down, the proposed tax rate includes $0.323876 for maintenance and operations and $0.063402 for interest and sinking.
The voter-approval tax rate, or the proposed rate of $0.387278, is the highest tax rate that town officials may adopt without holding an election to seek voter approval of the rate.
The details
Also in the release, town officials stated that the average homestead taxable value for this year will be $544,415, a 21.72% increase from last year’s $447,281. Taxes on an average homestead this fiscal year will be $2,108.40—up from last fiscal year’s $1,732.32. The total tax roll on all levees will be $60.46 million, which is an 11.49% increase from last year’s $54.23 million.
As for the budget, the proposed revenues, encompassing the general fund and all other funds, are expected to be $273.8 million. The total expenditures, also encompassing all funds, are estimated at $352 million. Officials said the $79 million shortfall is because of $75 million from prior authorized projects and $4 million in one-time expenditures.
