Friendswood City Council voted unanimously Sept. 13 to maintain the current property tax rate of $0.487314 per $100 property valuation for fiscal year 2021-22.
This tax rate is $0.034337 higher than the no-new-revenue tax rate set at $0.452977. The no-new-revenue tax rate is based on the rate the city would need to charge property owners to raise the same amount of property tax revenue as the city collected last year, according to budget documents.
With the tax rate staying consistent year to year and property values increasing, this is set to generate property tax revenue of $20.79 million, according to budget documents. This is $1.16 million more than the city expected to collect in property tax revenue in FY 2020-21. Budget documents show property values increased by an average of $26,763, leading to an estimated $130.42 tax bill increase for the average homeowner.
Despite the tax rate continuously dropping in the past few years, keeping it the same was what determined this fiscal year’s budget, as previously reported by Community Impact Newspaper. City Council also adopted the budget at the Sept. 13 meeting.
The next City Council meeting will be held Oct. 4 at 4:30 p.m.