Interim City Secretary Diane Hurley said council members voted to propose a property tax rate of $0.4529 per $100 valuation during the meeting Aug. 11—more than $0.01 less than the current tax rate of $0.4645 per $100 valuation. As the property tax rate will generate no new revenue for the city, a public hearing on the tax rate is not required.
According to meeting information, the city's adjusted property tax revenue for last year totaled $1.07 million. The city's adjusted taxable value—after subtracting the value of newly developed property in the city—totals $236.2 million for FY 2020-21, according to estimates from Montgomery County. Therefore, the new property tax rate of $0.4529 per $100 valuation is projected to generate no new tax revenue for the city as compared to FY 2019-20.
The city begins FY 2020-21 on Oct. 1.