Sep 19

City Council Members Adopt Tax Rate

 

After careful consideration, Missouri City Council Members voted unanimously during their Sept. 17 meeting to adopt the effective tax rate—$.0.5448 per $100 of valuation—for Fiscal Year 2013.

The ETR is defined as the rate that will generate the same amount of revenue the City received last year and will ensure citizens continuously receive the same level of services. The approved rate will be distributed as follows: $0.35857 will be allocated to Maintenance & Operations (O&M) and $0.18623 will be allocated to Interest & Sinking (I&S) for capital projects.

Members noted their action does not equate to a property tax increase because the adopted tax rate—54.48 cents—does not exceed the effective rate. Homeowners will be minimally impacted by the adjustment. Based on the average home value of $157,000 in Missouri City, residents will pay an estimated additional $25.76 annually with the new rate. Last year’s tax rate was 52.84 cents per $100 of valuation.

“The past several years, City Council and Staff have been faced with budgets where our expenses have exceeded revenues,” explained Mayor Pro Tem Jerry Wyatt. “We have worked together to bridge those monetary gaps by using Fund Balance reserves. This is not a sustainable solution long-term and today’s decision will keep us on fiscally prudent track.”

In other action on the finance front, Council Members authorized the receipt of 2012 property values and collection rate from the Fort Bend County Tax Assessor/Collector Patsy Schultz. The net taxable value for 2012 increased to $4,020,472,066, compared to $3,934,217,230 in 2011. Part of the appreciation is attributable to new businesses moving into the City.

To view the Fiscal Year 2013 budget plan, residents can click on “Financial Transparency” on the City website: www.missouricitytx.gov.

16. Great minds discuss ideas; average minds discuss events; small minds discuss people. ~Eleanor Roosevelt

Permanent link to this article: http://oakwickforest.webestatedomain.com/city-council-members-adopt-tax-rate/