Title
Consider ratifying the property tax increase reflected in the FY 2024-2025 Budget.
Body
Section 102.007(c) of the Local Government Code requires a governing body that adopts a budget which raises more revenue from property taxes than in the previous year to ratify the property tax increase reflected in the budget. A vote under this subsection is in addition to and separate from the vote to adopt the budget or a vote to set the tax rate required by Chapter 26, Tax Code, or other law.
This action ratifies and acknowledges that the adoption of the Fiscal Year 2024-2025 Annual Budget raises more revenue from property taxes than in the previous year. This budget will raise more total property taxes than last year’s budget by $9,339,200 which is a 11.4 percent increase from last year’s budget. The property tax revenue to be raised from new property added to the tax roll this year is $2,686,373.