Title
Consider ratifying the property tax increase reflected in the FY 2023-2024 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 2023-2024 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 $6,941,100 which is a 9.3 percent increase from last year’s budget. The additional property tax revenues include $2,081,692 from new property added to the tax roll this year and $4,859,408 from the property tax rate increase over the no new revenue rate .