Get updates delivered to you daily. Free and customizable.
BigCountryHomepage
City of Abilene adopts budget that raises taxes for FY 2024-2025
By Erica Garner,
19 days ago
ABILENE, Texas ( KTAB/KRBC ) – The City of Abilene has adopted a budget that will raise taxes for Fiscal Year 2024-2025.
Read more about the newly adopted budget in the press release from the City of Abilene below:
The City of Abilene has approved a new property tax rate of $0.7607 per $100 of property valuation for the 2024-2025 tax year following a public hearing on August 8, 2024.
This rate is above the no-new-revenue tax rate of $0.7074 per $100 of property value but remains below the voter-approval tax rate of $0.7914 per $100.
The no-new-revenue tax rate is the benchmark designed to collect the same amount of property tax revenue from the same properties as the previous year. By adopting a rate above this level, the city aims to increase its property tax revenue. The approved rate, however, does not exceed the voter-approval rate, eliminating the need for a public election.
The decision was made during the city council meeting, where the proposed tax rate received unanimous support from all council members, including Mayor Weldon Hurt and Councilmen Kyle McAlister, Shane Price, Travis Craver, Lynn Beard, Blaise Regan, and Brian Yates.
No members opposed the proposal.
About the Adopted Property Tax Rate
The property tax rate of $0.7607 consists of the maintenance and operations tax rate of $0.5951 (the General Fund) and the interest and sinking tax rate of $0.1656 (Debt Service).
The General Fund is the principal fund of the City and is used to account for resources associated with core government services, such as police, fire, streets, library services, parks and recreation, code compliance, and building inspections. It is also the largest fund in the operating budget.
The rate for maintenance and operations remains almost the same as the previous fiscal year, which had an M&O rate of $0.5918 per $100 of value.
In the previous year’s budget, the I&S rate was $0.1410 per $100, a difference of $0.0246 compared to the current fiscal year. The majority of this increase, and the primary driver of the new property tax rate being above the no-new-revenue tax rate, is voter-approved debt from the 2023 Bond Election.
Voters approved $15 million for projects at the Abilene Zoo and $28 million for demolition and reconstruction of two of the City’s recreation centers.
How the Tax Rate Impacts Homeowners
A taxpayer with a home value of $150,000 will pay approximately $42 more than last year. Most of this increase is attributed to an increase in the interest and sinking tax rate to pay for the voter-approved bonds.
For property owners, the approved tax can be calculated using the following formula:
Property tax amount = (tax rate) x (taxable value of your property) / 100
Below is a comparison of the taxes imposed on an average residence homestead in 2023 and the taxes that will be imposed in 2024:
Property owners seeking assistance with tax calculations or more information are encouraged to contact the City of Abilene’s tax assessor at (325) 676-9381 or via email at earnest@cadtx.org. Further information is also available at www.taylor-cad.org and Texas.gov/PropertyTaxes, where residents can access comprehensive details about property taxes and the changes implemented.
The 86th Legislature’s adjustments to the voter-approval tax rate calculation aim to moderate property tax growth across Texas. The City of Abilene encourages its residents to stay informed and engaged with these developments.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Comments / 0