League City City Council voted unanimously to adopt a tax rate lower than the no-new-revenue rate at its regular meeting on Sept. 10.
What happened
The new tax rate is $0.369 per $100 valuation, which is lower than the no-new-revenue rate of $0.371461 per $100 valuation.
The fiscal year 2024-25 proposed budget is based upon 2024 preliminary taxable values estimated at $13.45 billion, which is an increase of 4.32% over last year’s values, according to city documents.
City staff first presented a proposed budget draft to city officials at a July 23 workshop, followed by subsequent meetings on July 30, Aug. 6 and Aug. 13.
The backstory
Earlier this year at a June 25 meeting, council also approved the increase of the senior homestead tax exemption from $75,000 to $100,000, according to city documents.
This increase will save existing properties a total of $200,000 citywide, or an average of $43 annually per homestead property.
The motion to increase the exemption was made by council members Justin Hicks, Tommy Cones and Courtney Chadwell and was unanimously approved.
What else?
The city’s fiscal year begins Oct. 1, according to the city’s website.
