Despite the decrease in tax rate—approved by Cibolo City Council on Sept. 12—residents with an average home value of $334,500 will see an increase of around $104 when compared to the previous year.
By the numbers
The tax rate for FY 2023-24 was approved at $0.4699 per $100 valuation, which is a decrease from the FY 2022-23 rate of $0.4835 per $100 valuation.
Due to increased appraisal values, residents should still see an increase in the amount of taxes paid.
According to information submitted by city staff, the average Cibolo home value in 2023 was $334,500, which is up $31,000 from the previous year average of $303,500.
The FY 2023-24 budget will raise more total property taxes than the previous year by $1.4 million with $684,393 coming from new properties added to the tax roll this year, according to the budget.
Budget explained
The general fund in the FY 2023-24 budget has estimated revenues of $23.3 million and estimated expenditures of $23 million, leaving the city with an increase to the balance by the end of the fiscal year, according to the budget.
Overall, total revenues for every fund in the budget is an estimated $58.6 million with total expenditures of $62.2 million.
Various impact fees make up the majority of the difference between overall revenues and expenditures.
City Manager Wayne Reed said each dollar the city receives can be broken down into the following categories:
- 51 cents for police and fire
- 20.5 cents for administration
- 15 cents for public works
- 12 cents for planning and building services
- 1 cent for economic development
The FY 2023-24 budget will be in effect beginning Oct. 1. Additional budget information can be found on the city website.
