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The city of Round Rock ratified the property tax rate for fiscal year 2024-25 at 36 cents per $100 valuation, following City Council approval Sept. 12. The new fiscal year begins Oct. 1.
Explained
For the average homeowner with a median taxable property value of $376,169, the rate means an increase of almost $9 a month over last year’s rate.
The increase will go toward new public safety positions, competitive pay programs and voter-approved bond projects, according to city documents.
What else?
The city also passed the corresponding $682.2 million budget at the same meeting. Sales tax is the largest source of revenue for Round Rock, which has a partnership with Dell Technologies.
Main factors driving the budget include population growth, with a projected 2.6% increase by the end of the year. Offering competitive employee pay and benefits; furthering work on parks, facilities, and street maintenance; and combatting inflation also significantly inform the budget, according to city documents.
"There's a lot that will start construction soon, but as much as we need to do new expansions, we never forget that we need to keep maintaining our existing neighborhood streets," Chief Financial Officer Susan Morgan said at the meeting.
In case you missed it
City Council approved the maximum tax rate Aug. 8. Public hearings took place Aug. 22 and Sept. 12.
Residents can see how their specific property will be taxed using this data base.
