Round Rock officials approved a resolution setting the proposed tax rate for fiscal year 2022-23 as well as dates for a public hearing and official adoption of the tax rate at its Aug. 11 meeting.
The resolution was approved unanimously by City Council, absent Place 1 Council Member Michelle Ly.
The proposed FY 2022-23 budget includes a proposed maximum tax rate of $0.342, exceeding the no-new-revenue rate of $0.326408. Truth in Taxation laws require a taxing entity to set a public hearing and date of adoption to be shared in public notices, according to city filings. The proposed rate is $0.05 lower than the tax rate ratified in 2021, but that does not mean residents' taxes due will decrease, as property values have increased.
This maximum rate is not required to be adopted, but it is the highest rate the council may consider to meet timing requirements under state law. However, it is the rate city officials are proposing. The $0.016 increase will provide additional funding for public safety with $0.006 per $100 of valuation as well as a $0.01 debt service rate for the new Round Rock Public library. This debt service was approved by voters in the 2013 bond election, according to city documents.
