The tax rate for Denison for the upcoming year exceeds the effective rate and the City Council wants the public’s imput on the newly proposed rate. The proposed tax rate for 2019-2020 is .652034.
Public hearings about the rate will be held Aug. 19 and Sept. 3.
Denison Finance and Administrative Services Director Renee’ Waggoner presented the tax rate public hearing notice to the council for adoption saying because the proposed tax rate exceeds the effective rate, the council must hold two public hearings.
City Manager Jud Rex said the city had received it’s certified values on property taxes at the end of July.
“We have worked with the tax office to calculate what our tax rate will be for the next year,” City Manager Jud Rex said. “Our current tax rate is .6333777. Our effective tax rate — which is the rate needed to raise the same amount of tax revenue for the next year — is just over 61 cents. The rollback tax rate — which would deliver an eight percent increase in tax revenue for the following year — is .652304. We are proposing to take us back up to that rate.”
The rate difference is about 2.9 percent or 1.8 cents on the tax rate.
The rate would bring in about $1 million dollars in new property tax revenue for the city, Rex said. Some of that is from existing property values going up, and the split between existing values and new property is 62 percent now and 38 percent new for the year.
The vote for the resolution to call the public hearings required a recorded vote by each member present. Council members Brian Hander, Teresa Adams, Obie Greenleaf, Robert Crawley and Kris Speigel voted yes. Mayor Janet Gott also voted yes. Council member J.C. Doty was absent from the meeting.
Following the two public hearings the city council will approve the final tax rate at its Sept. 16 meeting.
What do you think about the proposed rate tax? Let Denison area reporter Richard A. Todd at RTodd@HeraldDemocrat.com. Follow him on Facebook and Twitter at @RichardAToddHD.