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City tax rate cut in preliminary budget

by | Aug 16, 2017 | Latest

The preliminary budget for the city of Farmersville shows a slight deduction in the tax rate. (Courtesy photo.)

A decrease in the city tax rate was approved preliminarily at the Aug. 8 city council meeting.

The proposed tax rate is 78 cents per $100 valuation compared to last year’s rate of .787564 per $100, which is a slight deduction.

According to budget discussion held at the meeting by Finance Director Daphne Hamlin, within the proposed budget there is a $225,000 deficit in the General Fund. Essentially, she said, this is being caused by the Tax Increment Reinvestment Zone (TIRZ) which gets a portion of the ad valorem taxes.

“Once we see the sales tax and ad valorem taxes start coming in, this will offset it by much more than this $200,000,” City Manager Ben White said.

Hamlin agreed that the $225,000 should be offset by sales tax of new businesses coming in within the near future.

By Wyndi Veigel • News Editor • [email protected]

For the full story see the August 17 issue or subscribe online.

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