The city of Sherman is proposing to maintain its current property tax rate going into the 2020-2021 fiscal year. The city council is expected to discuss the proposed rate Monday night as a part of budget talks ahead of adoption near the end of the fiscal year in September.
For the upcoming fiscal year, the city is proposing a property tax rate of $0.489 per $100 of valuation. This is the same rate that was approved for the 2019-2020 fiscal year.
Under the proposed rate, the city is slated to receive an additional $1.9 million in property tax revenue due to new property and increasing values over the previous year.
The average homestead taxable value for Sherman increase by about $11,750 over the past year. This increase in value will raise the average taxes for a homestead from $717 to $750.
These funds will go toward support as $97.98 million budget that is proposed for the next fiscal year.
These items will be discussed by the council when it meets at 5 p.m. Monday at Sherman City Hall.
In other matters, the council is expected to discuss proposed amendments to the city ordinance regarding junked vehicles and an update on building regulations.
Michael Hutchins is the local government reporter for the Herald Democrat. He can be reached at email@example.com.