Information presented to the council by Shenandoah Finance Director Lisa Wasner indicates the city has maintained a tax rate of $0.1799 per $100 of valuation since 2018. Based on the appraised taxable value in Shenandoah, the no new revenue rate would be $0.1737 in order to generate the same revenue in tax dollars as it did in 2020.
"The no new revenue rate will take the same parcels as last year, look at them and yield the same dollar amount," Wasner said. "If your appraisals are higher, your tax rate will be lower."
The city council approved of an option to maintain the tax rate at its current $0.1799. Wasner said the motion does not mean the new tax rate has to be above the no new revenue rate.
Council Member Ted Fletcher voted against the motion, noting the council would lose $73,000 of its budget if it stayed with the no new revenue rate.
"I am absolutely against raising our revenue," Fletcher said. "I think we can come up with $73,000 in our budget."
A public hearing has been set for Aug. 25 regarding the tax rate.