The Texas Tax Code requires the City Council to conduct a public hearing on the proposed tax rate prior to adoption if the proposed rate exceeds the lower of the No New Revenue or Voter Approval rates as calculated under the law.
The 2022 proposed tax rate of $0.374000 exceeds the No New Revenue Rate of $0.320961 and is below the Voter Approval Rate of $0.374762.
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Per $100 Valuation
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FY2023
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No New Revenue Tax Rate
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0.320961
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Proposed Tax Rate
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0.374000
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Voter Approval Tax Rate – Adjusted for Sales Tax
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0.374762
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The 37.4 cents per $100 of valuation proposed rate is required to fund FY2023 City operating costs, debt service on bonds for infrastructure, and various enhancements to City services to meet the demands of growth in the community.
An overview of the tax calculation and related General Fund revenue and expenditure information was reviewed with Council at budget workshop held on July 19, 2022 and when the City Manager presented the Proposed Budget to Council on August 9, 2022.
The proposed FY2023 Annual Budget is available with the City Secretary and on the City’s website at www.georgetown.org.
There is a corresponding item on this Council agenda to vote to adopt the tax rate.