Denison has conducted it’s first of two public hearings to discuss the tax rate of 2019 Monday night at city hall.
At the meeting Denison City Manager Jud Rex shared information on the rollback rate the city has opted to consider approving.
Here are three things to know about the rollback rate and what it means to property owners.
1. Increasing city revenue
The rollback rate will increase the city’s revenue intake from property taxes by eight percent. The calculation is based on a number of factors. It doesn’t include the city’s interest or it’s tax reinvestment zones.
2. Overall tax rate is declining
Grayson County is proposing a 5.8 percent lower rate than the current rate.Grayson College is proposing a 3.1 percent lower rate. The Denison Independent School District’s rate is 6.8 percent lower. Denison’s rate is increasing 2.9 percent.
The total tax rate change is a net 4.1 lower rate for most Denison residents.
3. City tax rate is one-fourth the total rate
The taxes collected by the city from property tax accounts for 25 percent of an individuals total property tax bill. Grayson County accounts for 16 percent of that bill with Grayson College accounting for the smallest portion at six percent. Denison ISD makes up the largest portion of the bill at 53 percent.
The city will conduct another public hearing at its Sept. 3 meeting at City Hall.