The City Manager's Proposed Budget for Fiscal Year 2017-18 as presented to the City Council on July 29, 2017 included a proposal to reduce the City's ad valorem tax rate by $0.0332 from $0.5748 to $0.5416 per $100 of assessed taxable valuation.
During the City Council Budget Workshop held on July 29, 2017, the City Council voted to consider, at a future City Council meeting, an ad valorem tax rate proposal not to exceed the rollback tax rate per $100 of assessed taxable valuation.
The City Council has scheduled two (2) Public Hearings to receive comments on the proposed property tax rates for Fiscal Year 2017-2018 from all Kyle residents, taxpayers, and interested persons. A Notice of 2017 Tax Year Proposed Property Tax Rate for City of Kyle including the date and time for the two public hearings was published in the Hays Free Press on August 9, 2017. A copy of the notice is attached to this agenda item.
The two (2) Public Hearings will be held as follows:
- August 15, 2017 at 7:00 p.m., at Kyle City Hall, 100 W. Center Street, Kyle, Texas 78640.
- August 22, 2017 at 7:00 p.m., at Kyle City Hall, 100 W. Center Street, Kyle, Texas 78640.
Adopted Property Tax Rates for Fiscal Year 2016-17:
Maintenance & Operations (M&O): $0.2395 per $100 of assessed taxable valuation
Interest & Sinking (I&S): $0.3353 per $100 of assessed taxable valuation
Total Property Tax Rate: $0.5748 per $100 of assessed taxable valuation
Effective Property Tax Rate for Fiscal Year 2017-2018:
$0.5395 per $100 of assessed taxable valuation
Rollback Property Tax Rate for Fiscal Year 2017-2018:
$0.5419 per $100 of assessed taxable valuation
Proposed Maximum Property Tax Rates for Fiscal Year 2017-2018:
Maintenance & Operations (M&O): $0.2548 per $100 of assessed taxable valuation.
Interest & Sinking (I&S): $0.2868 per $100 of assessed taxable valuation.
Total Property Tax Rate: $0.5416 per $100 of assessed taxable valuation.
After taking into consideration all comments received during the public hearings and budget meetings, the City Council is scheduled to make a final decision on the ad valorem tax rates for Fiscal year 2017-2018 by considering an Ordinance for approval on August 29, 2017 (1st reading) and September 5, 2017 (2nd reading). |