A no-new-revenue rate is a rate that would bring in the exact same revenue as the prior fiscal year for properties that were taxed in both years. This excludes any new property added onto tax rolls over the last year. The unofficial no-new-revenue rate is estimated at $0.386734 per $100 valuation, Director of Finance Leroy Kowalik said.
What you need to know
The city’s current property tax rate is $0.370824 per $100, meaning an estimated $0.01591 increase for Live Oak residents.
“[It’s] a little bit higher than our current rate, but again, the definition of the no-new-revenue rate is based on the entire valuation of the city of Live Oak, not individually,” Kowalik said.
The actual no-new-revenue rate will be established after Bexar County calculates its rates, but the numbers should be very similar due to having the same data to make calculations with, Kowalik said.
The council consensus was to choose not going higher than the no-new-revenue rate, over another option to not exceed a voter approval rate of $0.404429 per $100.
“We are taking the very least that we have to, to be able to do all of the services, provide the quality of life this city is so accustomed to, yet doing it in a very fiscally responsible way,” Mayor Mary Dennis said.
Next steps
Council also took part in a budget workshop on July 22. A FY 2025-26 budget must be passed before the beginning of the Live Oak fiscal year Oct. 1.
