In a recent meeting, the City Council of Live Oak, Texas, approved a reduction in the property tax rate for the upcoming fiscal year, which begins on October 1, 2024. The new rate is set at 0.370824 per $100 valuation, slightly below the calculated no new revenue rate of 0.38386294. This decision reflects the city's ongoing efforts to manage its budget effectively while supporting municipal operations.

The breakdown of the proposed tax rate includes a maintenance and operations (M&O) portion of 0.297418 and a debt service rate of 0.073406. The council noted that the debt service rate has decreased, allowing for a reallocation of funds to support city operations. This strategic financial maneuver aims to enhance the city's operational capacity without exceeding the lower of the two calculated rates.

During the meeting, Councilman Symmicks confirmed that the tax rate reduction aligns with the city's financial goals. The council unanimously passed the motions required to implement the new tax rate, with a roll call vote confirming support from all members present.

The approved ordinance will facilitate the city's financial planning for the fiscal year, ensuring that tax revenues are allocated appropriately for municipal services while maintaining fiscal responsibility. The council expressed appreciation for the efforts of city staff in preparing the budget, highlighting the collaborative work that led to this favorable outcome for residents.