The new tax rate is lower than the fiscal year 2022-23 rate of $0.1919 per $100 valuation. However, the lower rates will still lead to an increase in property taxes paid due to increasing home appraisals and other factors.
According to the ordinance, the new rate will raise the maintenance and operations on a $100,000 home by approximately $3.10.
This rate will support the fiscal year 2023-24 operating budget, which City Council approved Sept. 14.
The estimated $28 million budget is around a $1.8 million increase from the fiscal year 2022-23 estimate of $26.3 million, according to budget data.
Budget explained
This budget will raise more property taxes by $309,340, which is a 9.4% increase from the previous budget. Of that amount, $100,869 is tax revenue to be raised from new property added to the tax roll.
City Administrator Johnny Casias said budget funding highlights include:
- The reconstruction of Retama Parkway
- Additional road improvements in the Retama Springs and Retama Ridge subdivisions
- Planning the design work of Wiederstein Road
- Improvements to the southern portion of Lookout Road
- Stormwater drainage improvements in the Olympia Hills subdivision
- Aerial apparatus equipment and personal equipment for fire personnel
- A new vehicles, body cameras and positions for the police department
- Equipment for public works
- A 4% salary adjustment for all city employees
- A 5.4% increase to the health insurance premium cost
