Tuesday, August 14, 2012
At its regular meeting held on August 14, the Bryan City Council voted to place a proposal on a future agenda to lower the property tax rate from $0.6364 per $100 of property valuation to the effective tax rate of $0.633308 per $100 of property valuation. The Property Tax Code defines the effective tax rate as the tax rate that would generate approximately the same amount of property tax revenue as realized in the previous tax year on the same properties.
The draft fiscal year 2013 budget presented to the Council will now be amended to reflect the lower effective tax rate of $0.633308. The total tax levy at the effective tax rate is estimated at $24,404,102, which represents an overall decrease of approximately $110,720 compared to the current tax rate of $0.6364.
The current tax rate of $0.6364 was first adopted by the City Council for the 2000 tax year and has been maintained since that time. The action by the City Council at the August 14 meeting reflects the first lowering of the property tax rate since 2000.
The Council was able to consider the lower tax rate because of continued efforts by City staff to cut expenditures, streamline operations and outsource certain functions. Also, the closure of Tax Increment Reinvestment Zone 8 allowed some property tax revenues to be reallocated to the General Fund. New construction value on the property tax roll helped. The City is also projecting a slight increase in sales tax revenue next year and, overall, it appears the community is showing signs of recovery from the nation-wide economic downturn.
A public hearing relative to the proposed fiscal year 2013 budget will be held on August 28. The budget is available to the public on the City’s website and hard copies are available for viewing in the City Secretary’s office and the Clara B. Mounce Public Library. The tax rate ordinance is scheduled for adoption on September 11.
For additional information:
Mary Lynne Stratta 209-5005; email@example.com
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