What we reported The city of Katy—in a property tax relief effort implemented five years ago—is in its fourth year of a 2 cent per year decrease in taxes as well as an increased taxable property valuation exemption for those over age 65 and for disabled individuals. The tax rate for fiscal year 2016-17 was set at 50.672 cents per $100 valuation, a decrease from last year’s rate of 52.672 cents. The city’s goal was to begin lowering the tax rate after debt from the construction of Katy Mills was paid off, City Administrator Byron Hebert said. Katy ISD’s property tax rate was set at $1.5166 per $100 valuation for FY 2016-17 on Sept. 26. The board lowered its debt services rate by 1 cent prior to FY 2015-16 after it had remained at 40 cents since FY 2007-08.
The latest Hebert said the goal was to lower the tax rate from 58 cents to 48 cents over the time period and increase the exemption to a total of $100,000. So far the rate is 50 cents and the exemption is $90,000. Additionally, the KISD board of trustees adopted a resolution regarding property tax relief and transparency in taxation at its Dec. 12 meeting. The resolution urges legislators to reexamine the funding system for public education.
What’s next Depending on the economy, the city of Katy could choose again to decrease taxes or establish another relief effort.
“You will need to have revenues that can support it,” Hebert said.
KISD has begun planning for FY 2017-18 and working with local legislators.
This story is one update from The January Issue. View the full list of 10 things to look for in 2017 here.