“We’re happy to report there’s no increase in taxes to our citizens,” Mayor Pro Tem Duke Coon said.
However, because the rate exceeds the no new revenue rate, it is effectively a 0.44% increase in the tax rate, officials said. The effective, or no new revenue, tax rate is one that generates an equal amount of tax revenue year over year and can be lowered annually as local property valuations increase.
When home appraisals are higher, it brings in more revenue for the city. Officials anticipate an increase in property tax revenue next fiscal year, and they voted to ratify a property tax revenue increase for FY 2020-21.
Council Member Duane Ham was the sole vote in opposition to the tax rate.
“I just want to go on the record that I was against it last year, and I was against it this year,” he said.
