Truth-in-Taxation laws require a number of public notices to inform taxpayers about local property taxes. The first of those in 2016 is the Effective Tax Rate Notice.
The City effective tax rate for 2016 of $0.37737 per $100 of Assessed Valuation will raise the same amount of taxes for Maintenance and Operation as last year's tax rate. The interest & sinking tax rate for payment of bonded debt is $0.17750.
The total maintenance & operation and debt proposed tax rate for 2016 is $0.56471.
Notice of the Proposed Property Tax Rate gives notice of the City's proposed tax rate and informs the public as to when the two public hearings will be held. These hearings will be scheduled at a Special City Commission Meeting to be held on September 6 and September 13, 2016 at 6:30 pm at City Hall, 1725 Wilbarger Street
The City Commission is scheduled to vote on the tax rate that will result in a tax revenue increase at a public meeting to be held on September 23, 2016 at 6:30 pm at City Hall, 1725 Wilbarger Street
THIS TAX RATE WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR'S TAX RATE.
The City currently collects $0.015 cent sales tax. One-third or $0.005 cents is used for Economic Development, and one cent of all Sales tax goes into the City's General Fund. Total Statewide Sales Tax is $0.0825. Data on city sales and use taxes are posted on the Comptrollers website.
Hotel / Motel Tax
The City collects $.07 cents Occupancy Tax for all hotel rooms. This amount is used to promote tourism.