Richardson council to hold tax rate public hearing Sept. 9

Prior to adopting the 2024-25 fiscal year budget, Richardson City Council will hold a public hearing on the tax rate during the Sept. 9 meeting.

In a nutshell

The proposed tax rate is $0.54218 per $100 of assessed value, a reduction of $0.01877 from the current tax rate, which is $0.56095 per $100 of assessed value. The reductions in the proposed tax rate are caused by a lower maintenance and operations component, which covers most of the day-to-day operational expenses for the city.

The proposed maintenance and operations rate for the city is $0.32439 per $100 of assessed value. The interest and sinking rate, which is used to repay debt, is $0.21779 per $100 of assessed value.

If adopted, the interest and sinking component of the rate would remain unchanged from the current rate, according to city budget information.

What happens next?

Following a public hearing, council is expected to consider adopting the tax rate during the Sept. 16 meeting. A public hearing and consideration of the proposed 2024-25 budget is also scheduled for that meeting.