What happened
In a 12-4 vote, the city's 2023-24 tax rate of $0.51919 per $100 of valuation was passed. Council Members Amy Peck, Mary Nan Huffman, Mike Knox and Michael Kubosh voted against the rate.
The breakdown
The 2022-23 tax rate was $0.53364. The new rate is $0.01445 lower than it was last year.
Quote of note
The adopted tax rate is the rate the city needs to collect the $1.38 billion in property tax revenue to fund the FY 2023-24 budget, Mayor Sylvester Turner said at the meeting.
"Any reduction in this rate will require reduction of the budget," he said.
One more thing
Turner and Mayor Pro Tem Dave Martin said at the meeting that, since the city reached its revenue cap in fiscal year 2014-15, the city has voted to reduce the tax rate 9 out of the last 10 years.
