The city will wrap up its annual budget process on Monday, Sept. 16 when it holds a public hearing to set the new tax rate for the 2024-25 fiscal year.
The proposed a new tax rate of $0.676773 per $100 valuation for the 2024 tax year.
This proposed rate is higher than the no-new-revenue tax rate of $0.661134 per $100, which is the rate needed to generate the same property tax revenue from the same properties as in the 2023 tax year.
It is also equal to the voter-approval tax rate, which represents the maximum rate the city can adopt without requiring an election for voter approval.
Residents are encouraged to express their views on the proposed rate by contacting the city council members or attending the public hearing.
The proposed tax rate of $0.676773 per $100 valuation does represent a decrease from the 2023 rate of $0.712400, a reduction of 5.00 percent.
However, due to an increase in the average homestead taxable value, the total tax on an average homestead would rise from $1,640.96 in 2023 to $1,692.04 in 2024, marking an increase of 3.11 percent.
The total tax levy on all properties would increase from $2,246,685 in 2023 to $2,274,806 in 2024, an increase of 1.25 percent.
For additional information or assistance with tax calculations, residents can contact the tax assessor’s office at 972-547-5020 or via email at [email protected].
Further details are also available on the city’s website at www.farmersvilletx.com
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